Set off of loss

This query is : Resolved

rakesh (Querist)
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10 February 2009 Deal All,

please let me know whether it is possible to sett off business loss against short term capital gain?

Thanks in advance

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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10 February 2009 Assessee has the option either to set off or not to claim such set off in the same asst.year. Refer section 71(2).

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
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10 February 2009 Yes.

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CA Saurabh Maheshwari

CA Saurabh Maheshwari (Expert)
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12 February 2009 YES

rakesh

rakesh (Querist)
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14 February 2009 Thanks to all.

Rakesh

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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03 March 2009 yes but i dont knw abt section 71(2) regarding option.

taxindiaconnect

taxindiaconnect (Expert)
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27 April 2009 There is no clear cut option to assessee, however the section provides that such losses may subject to the provisions of this chapter be set off against is any. From this language an inferance may be drwan tha that the the option is given to assessee to set off of not to set off losees agsint the capital gains.