can speculative loss of earlier year be adjusted before set off of current year's non speculative loss with speculative income of current year....
CA Amit Kumar Khaitan
(Research Analyst)
(360 Points)
Replied 28 July 2010
From speculative gain you can set off non speculative loss of current year. This is however not allowed the other way round. So there is no question regarding the same in any subsequent year either..
Member
(Management)
(325 Points)
Replied 29 July 2010
I assume that you have non speculation loss in the current year and want to set off against speculation income of the current year. You can do it. In fact, the question of carry forward and set off doesn't arise in your case because, only after current year's inter head set off under Section 70, the question of set off of carried forward loss arises.
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