30 July 2012
in normal situation it can not be set off like this.....but in case of amalgamation and merger it can be set off provided some conditions have to be satisfied.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
30 July 2012
but there is no amalgamation or merger, still there is a loss of one concern is set off against the profit of another concern from past 3 years.
31 July 2012
Yes loss or one business is to be set off agt Profit of another Business. But Loss from Speculation business is only set off agt Profit of Speculation Business,
Loss of non speculation business can be set off agt profit of any business income and profit of any other head (Except Salary Income), business loss can be carry forward upto 8 A.Y. and can be set off with same head while carry forward.