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Set-off of curren year losses

shibin.s.pullan (student) (116 Points)

11 November 2008

If ihave a business loss of 200000 , income from other source of 35000 and a long term capital gain of 2000000 can I set off my business loss aginst capital gain and claim Chapter VIA deduction from 35000(income from other source) if no , why I can't ,pls give me details

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6 Replies

Juzer Sadikot (CA - innovative solutions for Imports and Exports) (1309 Points)
Replied 11 November 2008

Dear Shibin,

Yes, you can do it.

No sequence of offsetting current years loss is given under Income Tax Act.

So you can offset by way which is benificial to assessee.

Regards

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CA Chaitanya (PRACTISING CA) (4283 Points)
Replied 11 November 2008

Yes you can set if off in the order which is benefial to the assessee.

CA Trinath Galla (student) (3130 Points)
Replied 12 November 2008

Originally posted by :shibin.s.pullan
"	If ihave a business loss of 200000 , income from other source of 35000 and a long term capital gain of 2000000 can I set off my business loss aginst capital gain and claim Chapter VIA deduction from 35000(income from other source) if no , why I can't ,pls give me details	"

yes u can set-off busines loss against ltcg

CA Gaurav Gupta (Practice) (307 Points)
Replied 13 November 2008

u can but only in current year

if this loss is carry forward from previous year then u can not

(Guest)

Originally posted by :shibin.s.pullan
"	If ihave a business loss of 200000 , income from other source of 35000 and a long term capital gain of 2000000 can I set off my business loss aginst capital gain and claim Chapter VIA deduction from 35000(income from other source) if no , why I can't ,pls give me details	"