06 August 2009
Dear friends, Our Company have Long Capital Term capital gain in F Y 08-09. & have business loss in the same F Y 08-09. Can we set off the LTCG with Business Loss?
06 August 2009
In the same assessment year loss from a business can be adjusted against income from any other head of income. Pl refer section 71 of the Income tax act,1961. Therefore , the answer to your question is YES.
CAclubindia
