Set off of losses

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AAO
93 Points Posted on 16 October 2020
can LTCG be set off against brought forward depreciation loss
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On 16 October 2020 at 18:36 Report
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This discussion clarifies the rules around setting off losses for tax purposes. Specifically, it addresses whether brought forward depreciation loss can be set off against Long Term Capital Gains (LTCG). The consensus is that unabsorbed depreciation can be utilised against LTCG, though Long Term Capital Loss can only be adjusted against other Long Term Capital Gains.

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837 Points Posted on 16 October 2020
Unabsorbed depreciation can be set off against LTCG.
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On 16 October 2020 at 19:07
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Tax consultant
5895 Points Posted on 16 October 2020
Long term capital gain loss will only be adjusted towards long term capital gains
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On 16 October 2020 at 19:15
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11 Points Posted on 16 October 2020
Brought forward depreciation loss you can utilise against LTCG
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On 16 October 2020 at 19:24
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AAO
93 Points Posted on 16 October 2020
Is it u/s 32(2)?
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On 16 October 2020 at 19:44
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Student
23693 Points Posted on 17 October 2020
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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On 17 October 2020 at 10:07
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AAO
93 Points Posted on 17 October 2020
Under which section of the Act, it is specifically mentioned that unobserved depreciationloss can be set off against LTCG?
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On 17 October 2020 at 10:59
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837 Points Posted on 17 October 2020
Kindly refer the decision of Suresh Industries Pvt Ltd v/s ACIT and CIT v/s Virmani Industries Pvt Ltd
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On 17 October 2020 at 12:26

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