SET OFF AND CARRY FORWARD : DOUBT

Tax queries 1133 views 9 replies

Devendra

Chartered Accountant

4780 Points Joined March 2009

CAN WE SET-OFF SHORT TERM CAPITAL LOSS FROM LONG TERM CAPITAL GAIN?

AND WHAT ABOUT NON SPECULATION BUSINESS LOSS, AGAINST WHICH INCOME IT CAN BE SET OFF?

REGARDS,

DEVENDRA

Replies (9)

Vijay Kumar ACA,ACS

Member in Service

197 Points Joined February 2010

Dear please refer Section 73 and 74 of the act..............................................

NUKUL GARG

Senior Associate Consultant

1231 Points Joined June 2010

Short Term Capital Loss can be set off from Long term Capital Gain.

And,

Speculation Business loss can set off only from Speculation Business Income.

Bhav Bhuti Sharma

Towards Professionalism

823 Points Joined April 2009

Originally posted by : NUKUL Garg
	Short Term Capital Loss can be set off from Long term Capital Gain. And, Speculation Business loss can set off only from Speculation Business Income.

but non speculation business can be set off against any income accept salary ...

if still some loss is remaining we will c/f till 8 yrs ..

swapnil

CA Final

598 Points Joined August 2010

1.Short Term Capital Loss can be Set Off Future Long Term Capital Gain for further 8 A.Y. And,

2.Speculation Business loss can Set Off Only Future Speculation Business Income for Further 4 A.Y.

thanks 4 sharing and Best of Luck.

Paras

Article

296 Points Joined October 2010

Short Term Capital Loss can be set off from Long term Capital Gain.

And,

Speculation Business loss can set off only from Speculation Business Income.

but non speculation business can be set off against any income accept salary ...

if still some loss is remaining we will c/f till 8 yrs ..

Rajesh Rawat

CA-ipcc

71 Points Joined August 2010

stcg loss setoff from ltcg but speculation loss setoff only income on speculation bussiness .

pavithra doss

student

234 Points Joined September 2009

Originally posted by : swapnil
	1.Short Term Capital Loss can be Set Off Future Long Term Capital Gain for further 8 A.Y. And, 2.Speculation Business loss can Set Off Only Future Speculation Business Income for Further 4 A.Y. thanks 4 sharing and Best of Luck.

prashantkumar

CA final

96 Points Joined June 2010

Dear All,

Simply STCL should be setoff Against LTCG

"NOn-speculative Business Loss Can be setoff Against any heads of income other than salary, LTCG, Nd other 30% tax rate of income those r come under the income from other sources."