04 October 2012
Respected Sir, I want to ask that when the Fixed Assets of Private Company is fully sold or Blocks of assets is become Nil, & further the business has suffered loss. ST or LT can be set off against Business Loss ?? & also whether short term or long term gain will charge under which head Capital Gain or Business & Profession ? & under which section it is taxable ?
04 October 2012
Yes....such business loss can be set off against short term capital gain. But such treatment is applicable in current year only .ie during the period of carry forward such business loss will be set off against business income only.
CAclubindia
