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SET OFF AND CARRY FORWARD : DOUBT

Devendra (Chartered Accountant) (4775 Points)

23 October 2010

CAN WE SET-OFF SHORT TERM CAPITAL LOSS FROM LONG TERM CAPITAL GAIN?

AND WHAT ABOUT NON SPECULATION BUSINESS LOSS, AGAINST WHICH INCOME IT CAN BE SET OFF?

REGARDS,

DEVENDRA

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9 Replies

Vijay Kumar ACA,ACS (Member in Service) (197 Points)
Replied 23 October 2010

Dear please refer Section 73 and 74 of the act..............................................

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NUKUL GARG (Senior Associate Consultant) (1231 Points)
Replied 23 October 2010

Short Term Capital Loss can be set off from Long term Capital Gain.

And,

Speculation Business loss can set off only from Speculation Business Income.

1 Like

Bhav Bhuti Sharma (Towards Professionalism ) (823 Points)
Replied 24 October 2010

Originally posted by : NUKUL Garg
	Short Term Capital Loss can be set off from Long term Capital Gain. And, Speculation Business loss can set off only from Speculation Business Income.

but non speculation business can be set off against any income accept salary ...

if still some loss is remaining we will c/f till 8 yrs ..

1 Like

swapnil (CA Final) (598 Points)
Replied 24 October 2010

1.Short Term Capital Loss can be Set Off Future Long Term Capital Gain for further 8 A.Y. And,

2.Speculation Business loss can Set Off Only Future Speculation Business Income for Further 4 A.Y.

thanks 4 sharing and Best of Luck.

1 Like

Paras (Article) (296 Points)
Replied 24 October 2010

Short Term Capital Loss can be set off from Long term Capital Gain.

And,

Speculation Business loss can set off only from Speculation Business Income.

but non speculation business can be set off against any income accept salary ...

if still some loss is remaining we will c/f till 8 yrs ..

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Rajesh Rawat (CA-ipcc) (71 Points)
Replied 24 October 2010

stcg loss setoff from ltcg but speculation loss setoff only income on speculation bussiness .

pavithra doss (student) (234 Points)
Replied 24 October 2010

Originally posted by : swapnil
	1.Short Term Capital Loss can be Set Off Future Long Term Capital Gain for further 8 A.Y. And, 2.Speculation Business loss can Set Off Only Future Speculation Business Income for Further 4 A.Y. thanks 4 sharing and Best of Luck.

prashantkumar (CA final) (96 Points)
Replied 30 October 2010

Dear All,

Simply STCL should be setoff Against LTCG

"NOn-speculative Business Loss Can be setoff Against any heads of income other than salary, LTCG, Nd other 30% tax rate of income those r come under the income from other sources."