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its urgent STCL

Angad kr kannaujiya (Studant) (169 Points)

08 April 2011

it can be adjest STCL on Depreciable assets against STCG on share

plz rply soon

its urgent

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7 Replies

Pankaj Arora (Learner) (3134 Points)
Replied 08 April 2011

No it can not adjust …. You can book loss on assets under P & L A/c.

Angad kr kannaujiya (Studant) (169 Points)
Replied 08 April 2011

dear pankaj i finaly decided to c/f to next year coz u/s 71 does not say anything about STCL on Depreciable assets against STCG on share, means" itcan not adjust " . but i'm still waiting some other openion. thanks

Pankaj Arora (Learner) (3134 Points)
Replied 08 April 2011

unabsorbed depreciation only can carry forward.

Angad kr kannaujiya (Studant) (169 Points)
Replied 08 April 2011

but it is not depreciation.

CA AMANPREET SINGH (Chartered Accountant) (284 Points)
Replied 08 April 2011

No doubt it can be set-off as there is no such restriction

Pavan Bharadwaj (Practicing Chartered Accountant) (353 Points)
Replied 25 April 2011

If STCG on shares is of specultive nature then setoff is not allowed. OTHERWISE IT IS ALLOWED.

U S Sharma (glidor@gmail.com) (21056 Points)
Replied 25 April 2011

stcl on depricialble assets is pure business loss, it has to be adjusted with business profit of the year, no need to carry forward, if there is no profit in the year, then only one has to carry forward.