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Adjustment of Long Term Capital gain against Business loss

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(Querist)
16 March 2011 I have business loss of 11 crores and long term capital gain on sale of land 5 crore can i adjust this long term capital gain against business loss u/sec 71.please send me reply asap.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
16 March 2011 yes u can if it is non speculation business loss
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CA. Lohith Jagadeesh

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CA. Lohith Jagadeesh (Expert)
30 March 2011 Hi,

Business Loss can be set off with LTCG, however the other way round is not possible.

Thank you,

Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
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