SET OFF OF BUSINESS LOSS WITH SALARY INCOME

This query is : Resolved

CA Manikandan.A.V (Querist)
Follow

27 October 2009 SIR,

CAN AN INDIVIDUAL ASSESSEE WHO HAS LOSS FROM HIS BUSINESS OF SHARE TRADING (IN NSE & BSE ) SET OFF SUCH LOSS WITH HIS SALARY INCOME?

ADVANCE THANKS,

MANIKANDAN.A.V

HARI K V

HARI K V (Expert)
Follow

27 October 2009 No. Its expressly provided u shud not.

Taranjit Singh

Taranjit Singh (Expert)
Follow

27 October 2009 Business loss cannot be set off against salary and accordingly you will need to pay the requisite tax on your salary income and carry forward the business loss to future years and set off such loss against future taxable profits.

Upgrade to CAclubindia Pro. Subscribe Now!

CA SANJAY MUKHERJEE

CA SANJAY MUKHERJEE (Expert)
Follow

27 October 2009 Agree with experts

Taranjit Singh

Taranjit Singh (Expert)
Follow

01 August 2010 Business loss cannot be set off against salary and accordingly you will need to pay the requisite tax on your salary income and carry forward the business loss to future years and set off such loss against future taxable profits.