Set off of ltcg against business loss
This query is : Resolved
Querist : Anonymous
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
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
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%
remaining capital gain of Rs. 10 crore will be taxable at the flat rate of 20%
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