if an assessee has a capital loss for the assessment year 2006-2007 long term, can he set off now against the short term losses.
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Set off of losses
Replies (8)
Hello Saurabh
No the Assessee cannot set off the loss, as Long Term Capital Loss can be set off only against Long Term Capital Gain.....
Thanks & Regards
Ravi Dasija
bt as per assessment year 2006-07 long term can be adjusted with short term. so do u have a notifications for satisfying ur ans.
hello saurabh,
Do u have Ammendment of 2006-07 saying Long Term loss can be adjusted against Short term Gain.?
Dear
Long Term losses can be set off only agianst long term profit in same head in different finalcial year. it means next f.y.
short term can be set off against same year 1) short term 2) long term Capital Gain.
Next F.Y. short term loss Set off against short term capital gain
@ mahesh
M also in search of d amendment... I just read it sumwhere...i want to knw d full implication
@ devang
In assessment year 2006-07 tht principles doesnot apply
M in search of tht amendments
is business loss of a firm can be set off against speculation business
No, business loss can not be adjusted against speculation business.
speculation business is different from normal business.
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