Menu
Set off of losses
can LTCG be set off against brought forward depreciation loss
Replies (7)
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 Threads
- ITR 6 submitting Problem
- Partnership Firm Closure Process
- Why the Costing Department Is Important ?
- Difference in efiling portal and intimation order
- Income tax challan correction
- AGM WITH SHORTER NOTICE
- 15CA/15CB Bulk Filing Automation Tool – Need
- GSTR 9 FY 2023-24 LATE FEE
- Should we go under Section 59 of IBC or Section 27
- HUF'S ISSUE
Related Threads
CAclubindia
