if an assessee has a capital loss for the assessment year 2006-2007 long term, can he set off now against the short term losses.
8 Replies
Ravi Dasija
(C.A. )
(273 Points)
Replied 23 August 2011
Hello Saurabh
No the Assessee cannot set off the loss, as Long Term Capital Loss can be set off only against Long Term Capital Gain.....
Thanks & Regards
Ravi Dasija
Saurabh Malpani
(CA Final)
(514 Points)
Replied 23 August 2011
bt as per assessment year 2006-07 long term can be adjusted with short term. so do u have a notifications for satisfying ur ans.
Mahesh
( CA Final)
(132 Points)
Replied 23 August 2011
hello saurabh,
Do u have Ammendment of 2006-07 saying Long Term loss can be adjusted against Short term Gain.?
devang
(CA FINAL article )
(181 Points)
Replied 23 August 2011
Dear
Long Term losses can be set off only agianst long term profit in same head in different finalcial year. it means next f.y.
short term can be set off against same year 1) short term 2) long term Capital Gain.
Next F.Y. short term loss Set off against short term capital gain
Saurabh Malpani
(CA Final)
(514 Points)
Replied 23 August 2011
@ mahesh
M also in search of d amendment... I just read it sumwhere...i want to knw d full implication
Saurabh Malpani
(CA Final)
(514 Points)
Replied 23 August 2011
@ devang
In assessment year 2006-07 tht principles doesnot apply
M in search of tht amendments
Mahesh Thakur
(Executive)
(21 Points)
Replied 10 September 2011
is business loss of a firm can be set off against speculation business
CA Ankur Goel
(sr. executive)
(133 Points)
Replied 10 September 2011
No, business loss can not be adjusted against speculation business.
speculation business is different from normal business.
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