hii
I want to ask whether short term capital loss(other than u/s 111A)can be set off against short term capital gains u/s 111A.
If yes,where it is written and if no,why??
11 Replies
Juzer Sadikot
(CA - innovative solutions for Imports and Exports)
(1309 Points)
Replied 09 September 2009
Dear Jyoti,
The Answer to ur question is "Yes"
It is because, no specific restriction is made in section 70 of I T Act.
Regards
Juzer
VARUN
(PCC STUDENT)
(523 Points)
Replied 09 September 2009
yes Short Term Capital Loss can be set off .....
CA CS CIMA Prakash Somani
(Landmark Group)
(23502 Points)
Replied 09 September 2009
Answered correctly
| Originally posted by :Juzer | ||
| " | Dear Jyoti, The Answer to ur question is "Yes" It is because, no specific restriction is made in section 70 of I T Act. Regards Juzer |
" |
HIMANSHU SETH
(CA PCC)
(32 Points)
Replied 09 September 2009
yes, set off carry forward is allowed for short term capitalgain(u/s 111A) and also fromlong term capital gain but not fromother incomes.....
Vikas
(Student)
(129 Points)
Replied 09 September 2009
yes can b set off... for further details, read V. K. Singhnia book...
HIMANI
( CA.FINAL STUDENT)
(49 Points)
Replied 09 September 2009
hi friends,is someone taking ihe classes from CA. final audit class from Surbhi Bansal?
HIMANI
( CA.FINAL STUDENT)
(49 Points)
Replied 09 September 2009
hi friends,is someone taking ihe classes of CA. final audit class from Surbhi Bansal
CA Rashmi
(final cleared)
(680 Points)
Replied 09 September 2009
it can be set-off as nowhere it is mentioned in the restriction against set-off of losses
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