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Set off of ltcg against business loss

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Querist : Anonymous

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Querist : Anonymous (Querist)
22 November 2011 Dear Experts,

There is a Long Term capital Gain of Rs. 30 crores arising out of sale of land.
There is also a Business Loss of Rs. 20 crores in the same year.
Can they be set off ?? If so what is the tax applicable on the net profit.

Thanks in advance
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CA VISHAL RANA,CS,B.Com,AMFI

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CA VISHAL RANA,CS,B.Com,AMFI (Expert)
22 November 2011 Business loss can be set off against LTCG.

remaining capital gain of Rs. 10 crore will be taxable at the flat rate of 20%

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