Can we set off carried forward business loss against short term capital gain(Sales of Shop)?????
pls reply
Arvind Sharma
(ACA)
(1432 Points)
Replied 04 September 2010
Yes...
You can sett off Current Year Business loss (not to be Speculative) against Current Year Capital Gain (LT or ST)...
But you can't sett off brought forward Business loss against income under any head...
However, Unabsorbed Depreciation brought forward can be set off.....
CA Navin Jain
(MANAGER (FINANCE & ACCOUNTS))
(11768 Points)
Replied 04 September 2010
Mr Arvind is Right
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