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Set off losses

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(Querist)
24 July 2012 can current year speculative profit be set off against brought forward business loss of previous year.
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Amol S Joglekar

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Amol S Joglekar (Expert)
24 July 2012 No. Simple rule is speculative versus speculative only. (Both ways)
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CA Rahul Gupta

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CA Rahul Gupta (Expert)
24 July 2012 Yes, You can.
a loss from a non-speculative
business can be set off against income from speculation business but vice versa is
not possible.
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