Dear all, Pls let me know whether I can adjust long term capital capital gain or short term captial gain from property against carried forward business loss, current year business loss or income earned from salary and secondly whether I can invest part of the capital gain and pay IT on balance captial gain.
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Can ltcg setoff against business loss or salary income
Replies (3)
CY loss( not being a speculative) can be adjusted with any HOI except salary
Cf loss can be adjusted with same source only( b gain incl Spec. income)
You cannot and adjusted anything with salary.
Suggestion compute the final capital gain after expemption..Then adjust with CY loss then pay capital gain.
Logically you cannot adjust anything against the salaries income....However there is a clause which says you can deduct current year depreciation from salaries...
| Originally posted by : Venkatesh | ||
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Dear all, Pls let me know whether I can adjust long term capital capital gain or short term captial gain from property against carried forward business loss, current year business loss or income earned from salary and secondly whether I can invest part of the capital gain and pay IT on balance captial gain. |  |
Current year business loss may be adjusted with LTCF/STCG, but not with salary income.
Carried forward business loss may be adjusted only with same head. not with LTCS/STCG.
further, you may invest accordingly and can claim exemption u/s 54, 54F and 54EC and on rest amount you may pay tax.
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