Private Limited Company had earned Short term Capital gain on transfer of depriciable asset as per section 50 of the Income Tax Act.
Now comapny wants to adjust the same gain against carried forward business Loss.
If it is shown as Short term capital gain, CPC system does not allowed to be set off against C/f Business loss and Depreciation ????
How to file the return ?????
only profit on sale of asset
and loss of asset consideration can be taken onto account.
there is no question of stcg in case of companies
yes you can.
Brought forward business loss can be set off against the business profit only. set off of STCG and B/F Business loss is not allowed under the incme tax act.
you have to pay tax on STCG
| Originally posted by : Prateek Garg | ||
 |
Brought forward business loss can be set off against the business profit only. set off of STCG and B/F Business loss is not allowed under the incme tax act. you have to pay tax on STCG |
 |
A R JADHAV AND ASSOCIATES
Mumbai
CA Inter
View Details
Jawahar and Associates Chartered Accountants
Hyderabad
CA Inter
View Details
CAclubindia
