Dear Professional Colleagues
Can we set off the Current Year Business Loss with Current Year STCG (STT Paid).Kindly give your valuble suggestions in this regard
Regards
Narayanasamy.Y
4 Replies
sonijohn
(auditor)
(53 Points)
Replied 02 July 2013
Business loss cannot be set-off against salary income. It can be set-off against other incomes including CG
CA Momin Owais Ahmed
(Audit Manager)
(154 Points)
Replied 02 July 2013
You can Set off Current Year Business Loss Against any Income except from Salary
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 02 July 2013
Yes it can be done. Please refer section 71(2).
(2) Where in respect of any assessment year, the net result of the computation under any head of income, other than "Capital gains", is a loss and the assessee has income assessable under the head "Capital gains", such loss may, subject to the provisions of this Chapter, be set off against his income, if any, assessable for that assessment year under any head of income including the head "Capital gains" (whether relating to short-term capital assets or any other capital assets).
VIKAS.A
(SOMETHING IS BETTER THAN NOTHING)
(1095 Points)
Replied 03 July 2013
| Originally posted by : CA Momin Owais Ahmed | ||
 |
You can Set off Current Year Business Loss Against any Income except from Salary |
 |
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