Loss Of Business can be carried forward

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Assistant
49 Points Posted on 05 December 2007

Dear Sir,

I am doing business of Chemicals items, due to loss in 2006-07 i had closed down my busines. now i am doing trading in share market. so whether that loss of 2006-07 can be considered for set off under share business. if not then wat is the treatment of that loss. & how will be benefitted

 

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On 05 December 2007 at 13:36 Report
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71 Points Posted on 05 December 2007
no u cant set off that loss against any income
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On 05 December 2007 at 14:21
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ACA
426 Points Posted on 05 December 2007
Chemical Business is non-speculative business, while share trading (non-delivery) is speculative business. Loss from non-speculative can't be set-off against speculative business income and vice versa. u can only set-off such loss against non-speculative business income in future.
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On 05 December 2007 at 20:49

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