Loss can be set off or not
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 November 2013
Respected Sir,
One of my client calculating his income tax for A.Y 2014-15. According to his expectation his business income will be Rs.200000/- but after taking depreciation of Rs.1400000/- into consideration of total of his fixed assets, he is expecting the business loss of Rs.1200000/- and he is earning a short term capital gain on the sale of his house property of Rs.1000000/- in the same year.
My query is will he able to take the loss set off's of the business loss against STCG on house property and can carry forward his net loss in the future year.
One of my client calculating his income tax for A.Y 2014-15. According to his expectation his business income will be Rs.200000/- but after taking depreciation of Rs.1400000/- into consideration of total of his fixed assets, he is expecting the business loss of Rs.1200000/- and he is earning a short term capital gain on the sale of his house property of Rs.1000000/- in the same year.
My query is will he able to take the loss set off's of the business loss against STCG on house property and can carry forward his net loss in the future year.
11 November 2013
Yes. He can set off his business loss against STCG and can c/fd the balance depreciation loss.
.
.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Query Regarding on TDS section 194H and 194J
- Fixed Deposit Claim Relinquishment by the Nominee
- NR GST NUMBER
- ITR 6 Schedule CFL and UD Issues
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- GST Form ADT-02
- FREELANCING ACCOUNTANT
- For REQUIRE INDIVIDUAL GST
- GST Department hearing
- From 15CA for remittance by domestic travel agent by to Foreign Destination Management Company.
- Query reg: Accounting standard, Indian Accounting Standard, IFRS, GAAP, Cost Audit, Frontend audit
- GST Refund SB005 Error
- PAYMENT TO OPEN AI AND ENVATO ELEMENT
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
