If ihave a business loss of 200000 , income from other source of 35000 and a long term capital gain of 2000000 can I set off my business loss aginst capital gain and claim Chapter VIA deduction from 35000(income from other source) if no , why I can't ,pls give me details
Dear Shibin,
Yes, you can do it.
No sequence of offsetting current years loss is given under Income Tax Act.
So you can offset by way which is benificial to assessee.
Regards
Yes you can set if off in the order which is benefial to the assessee.
| Originally posted by :shibin.s.pullan | ||
| " | If ihave a business loss of 200000 , income from other source of 35000 and a long term capital gain of 2000000 can I set off my business loss aginst capital gain and claim Chapter VIA deduction from 35000(income from other source) if no , why I can't ,pls give me details | " |
yes u can set-off busines loss against ltcg
u can but only in current year
if this loss is carry forward from previous year then u can not
| Originally posted by :shibin.s.pullan | ||
| " | If ihave a business loss of 200000 , income from other source of 35000 and a long term capital gain of 2000000 can I set off my business loss aginst capital gain and claim Chapter VIA deduction from 35000(income from other source) if no , why I can't ,pls give me details | " |
YOU CAN SET OFF IN ANY ORDER. IT SHOULD BE BENEFICIAL TO THE ASSESSEE
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