Menu
Set off of losses
can LTCG be set off against brought forward depreciation loss
Replies (7)
Quick Summary
Unabsorbed depreciation can be set off against LTCG.
Long term capital gain loss will only be adjusted towards long term capital gains
Brought forward depreciation loss you can utilise against LTCG
Is it u/s 32(2)?
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 ).
Under which section of the Act, it is specifically mentioned that unobserved depreciationloss can be set off against LTCG?
Kindly refer the decision of Suresh Industries Pvt Ltd v/s ACIT and CIT v/s Virmani Industries Pvt Ltd
Recent Topics :
- Gst input credit
- CAN PARTNERSHIP FIRM SIGN SERVICE AGGREMENT WITH A
- E-waybill
- Sell of CAFC books
- ITC ON RENT
- GSTR-9 Table 8A Portal and Excel Issues
- IGST on Commercial Rental Income (Different State)
- Revocation of suo moto cancelled GST registration
- Is there any faculty taking chapterwise test in CA
- Late Fees and Interest
Related Topics :
CAclubindia
