Imran H Mansuri (Inter CA) (153 Points)
17 May 2013Private Limited Company had earned Short term Capital gain on transfer of depriciable asset as per section 50 of the Income Tax Act.
Now comapny wants to adjust the same gain against carried forward business Loss.
If it is shown as Short term capital gain, CPC system does not allowed to be set off against C/f Business loss and Depreciation ????
How to file the return ?????
Rahul garg
(ca final student)
(89 Points)
Replied 18 May 2013
only profit on sale of asset
and loss of asset consideration can be taken onto account.
there is no question of stcg in case of companies
CA Prateek Garg
(CA in Practice)
(1447 Points)
Replied 18 May 2013
Brought forward business loss can be set off against the business profit only. set off of STCG and B/F Business loss is not allowed under the incme tax act.
you have to pay tax on STCG
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 18 May 2013
| Originally posted by : Prateek Garg | ||
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Brought forward business loss can be set off against the business profit only. set off of STCG and B/F Business loss is not allowed under the incme tax act. you have to pay tax on STCG |
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mayank jain
(commision agent)
(21 Points)
Replied 17 July 2013
CAclubindia
