the assessee is NRI and doing business in India. He suffered loss in his business activity in the year 2013-14 and also longterm capital gains in the same year. Whether the IT Act permits him to set off the business loss against the longterm capital gains of the same year.
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Lonterm capital gains
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Yes, business loss can be set off against long term capital gain provided the income from long term capital gain is not exempt from tax.
thank you brother for the clarification.
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