Set off of business loss
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 February 2012
As Per Income Tax Act
Can we sett of Business loss against Speculative profit as i have read in books as example but i am not able to find any case law or any proper link towards my query can you help me.
Can we sett of Business loss against Speculative profit as i have read in books as example but i am not able to find any case law or any proper link towards my query can you help me.
25 February 2012
Yes, set off available..
The law simply says:
Speculative loss can be set off only against speculative income, but, non-speculative loss can be set off against any income (except salary)
eg. set off of loss from Futures & Options against speculation income from shares
The law simply says:
Speculative loss can be set off only against speculative income, but, non-speculative loss can be set off against any income (except salary)
eg. set off of loss from Futures & Options against speculation income from shares
03 April 2012
The expert has correctly answered I agree with him and no extra comment is required.
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 April 2012
Thank You sir..
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