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20 October 2010 Business Loss Can be set off against short term capital gain?
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
20 October 2010 You can sett off Current Year Business loss (not to be Speculative) against Current Year Capital Gain (LT or ST)...

But you can't sett off brought forward Business loss against income under any head...

For details see following link---

http://wirc-icai.org/wirc_referencer/Income%20Tax%20&%20Wealth%20Tax/Set%20off%20And%20Carry%20Forward%20of%20Losses.htm
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
20 October 2010 yes u can set off non speculation business loss in the same year.
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taxindiaconnect

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taxindiaconnect (Expert)
20 October 2010 Agreed with experts

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