17 February 2011
Particulars Amt (Rs.) Net Taxable Rental Income. 806,298 Net Taxable Business Loss. (2,640,205) Net Taxable STCG. 957,962 Net Taxble LTCG. 8,962,966
Total Net Taxable Income 8,087,021
We have given donation of Rs.980,555/- which is eligible deduction u/s 80G.
Can I set off the Business Loss under Long Term Capital Gain and claim deduction u/s 80G from Taxable Rental income and Short Term Capital Gain?
17 February 2011
Business loss cannot be set off against the LTCG, but the tax to be paid on the LTCG is not 8,962,966 but on 8,802,966 (8962966-160000)as short fall and 20 % is on 8802966 is to be paid and u can carry forward the PGBP loss of 875945(2640205-806298-957962)
17 February 2011
Hey u cannot set off Long Term Capital Loss against Business Income as per Sec 71 -Inter head adjustment. However iam sure u can set off Business Loss under Long Term Capital Gain.
My Question is about Donations u/s 80G.
We have given donation of980,555/- which is eligible deduction u/s 80G.
Can I set off the Business Loss under Long Term Capital Gain and claim deduction u/s 80G from Taxable Rental income and Short Term Capital Gain?
CAclubindia
