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Set off of losses


Mohd. Nadeem Khan (AAO)     16 October 2020

Mohd. Nadeem Khan
AAO 
 37 points

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can LTCG be set off against brought forward depreciation loss

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Kiran Hathalia   16 October 2020

Kiran Hathalia

 35 likes  679 points

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Unabsorbed depreciation can be set off against LTCG.

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ayusmita (Tax consultant)     16 October 2020

ayusmita
Tax consultant 
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Long term capital gain loss will only be adjusted towards long term capital gains

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kalpana giri   16 October 2020

kalpana giri

 1 likes  11 points

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Brought forward depreciation loss you can utilise against LTCG

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Mohd. Nadeem Khan (AAO)     16 October 2020

Mohd. Nadeem Khan
AAO 
 37 points

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Is it u/s 32(2)?

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Shivam RC (Student)     17 October 2020

Shivam RC
Student 
 2739 likes  21390 points

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As per the Provision of Section 70(3) of the Income Tax Act 1961, Long Term Capital Loss can be set only against Long Term Capital Gains ( LTCG ).

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Mohd. Nadeem Khan (AAO)     17 October 2020

Mohd. Nadeem Khan
AAO 
 37 points

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Under which section of the Act, it is specifically mentioned that unobserved depreciationloss can be set off against LTCG?

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Kiran Hathalia   17 October 2020

Kiran Hathalia

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Kindly refer the decision of Suresh Industries Pvt Ltd v/s ACIT and CIT v/s Virmani Industries Pvt Ltd


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