Set off of losses

Mohd. Nadeem Khan (AAO) (93 Points)

16 October 2020

can LTCG be set off against brought forward depreciation loss

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Kiran Hathalia (837 Points)
Replied 16 October 2020

Unabsorbed depreciation can be set off against LTCG.

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ayusmita (Tax consultant) (5885 Points)
Replied 16 October 2020

Long term capital gain loss will only be adjusted towards long term capital gains

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kalpana giri (11 Points)
Replied 16 October 2020

Brought forward depreciation loss you can utilise against LTCG

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Mohd. Nadeem Khan (AAO) (93 Points)
Replied 16 October 2020

Is it u/s 32(2)?

Shivam RC (Student) (23683 Points)
Replied 17 October 2020

As per the Provision of Section 70(3) of the Income Tax Act 1961, Long Term Capital Loss can be set only against Long Term Capital Gains ( LTCG ).

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Mohd. Nadeem Khan (AAO) (93 Points)
Replied 17 October 2020

Under which section of the Act, it is specifically mentioned that unobserved depreciationloss can be set off against LTCG?

Kiran Hathalia (837 Points)
Replied 17 October 2020

Kindly refer the decision of Suresh Industries Pvt Ltd v/s ACIT and CIT v/s Virmani Industries Pvt Ltd

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