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Set off of losses

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Indira

1401 Points Posted on 26 July 2022

We have a business loss in the FY 21-22 and capital gains (STCG) . When we try to compute the tax the loss gets set off against the capital gains. Is there a possibility that we don't set off this loss in the current year and carry forward the loss to next year and set off against business income, if any

Thanks

Indira

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Quick Summary

This discussion addresses whether a business loss incurred in FY 21-22 can be deferred from being set off against capital gains in the current tax year. The user inquired about carrying the loss forward to offset future business income. The response confirms that it is not possible to defer the set-off of business losses against capital gains in the current year.