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
Replies (2)
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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