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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
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