Long term capital gain

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This query is : Resolved

Rajeev Kumar (Querist)

25 September 2014 My Proprietorship firm incurred loss in FY 2013-14. I also sold a commercial property in FY 2013-14 on which I made long term Capital Gain. Can I offset the tax obligation of Long term capital gain against the losses of my Proprietorship firm? The Commercial property was in my name.

Nikhil Kaushik

Nikhil Kaushik (Expert)

25 September 2014 yes you can set off business losses against capital gains.

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Rajeev Kumar

Rajeev Kumar (Querist)

25 September 2014 Commercial property was Jointly owned with my share of 50%, is it make nay difference ?
Under which section I can set off ?

Nikhil Kaushik

Nikhil Kaushik (Expert)

25 September 2014 you will claim set-off CYLA sheet in the ITR form

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Rajeev Kumar

Rajeev Kumar (Querist)

25 September 2014 My CA is telling that business losses can not be adjusted against Long term capital gain. How do I explain to him?

Nikhil Kaushik

Nikhil Kaushik (Expert)

25 September 2014 well why should you do the research. let your CA give reasons in writing why it cannot be set off. Otherwise change the CA

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Rajeev Kumar

Rajeev Kumar (Querist)

25 September 2014 Sir any suggestions ?

Nikhil Kaushik

Nikhil Kaushik (Expert)

25 September 2014 Sir, as I said earlier it can be set off. The only restriction is that business loss cannot be set off against salary income.

If your CA is unable to help, contact my office. They will be able to process your issues.

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