Set off

Long-term capital loss cannot be set off against any income other than income from long-term capital gain

Be The Change

CA Inter

★ 11K+

30-Jun-22 21:21

Can we set off business loss against long term capital gains?

Thread Starter

MURALIDAR 05 M

CA Inter

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30-Jun-22 21:23

No

Be The Change

CA Inter

★ 11K+

30-Jun-22 21:24

Only short term capital loss and long term capital loss can be set off against long term capital gain

Sai Prasanna Ch

CA Inter

★ 20K+

01-Jul-22 08:30

only long term loss can be setoff against long term capital gain

Miradevi S

CA Final

★ 14K+

01-Jul-22 09:53

So Current year's business loss can be set off against any head (except salary) Carried fw business losses can be setoff against buisness incomes only Keeping the above two things in mind 1. Yes Current year's business losses can be sett off against LTCG 2. No, Carried forward business losses cannot be set off against LTCG Note - carried fw unabsorbed depreciation is equivalent to current year's business losses. So if u have business income of 10 Unabsorbed depreciation of 20 Then 10-20=-10 is ur unabsorbed depreciation (which is also your current year's business losses. Thus refer point 1)

Seemran Singh

CA Final

★ 4K+

01-Jul-22 15:07

Only long term capital gains can be sett off against long term capital loss

Thanusha Lakshmi

CA Final

★ 3K+

06-Jul-22 22:56

Gains cannot be set off. Losses are set off agains gains/income. And THUS, long term capital losses can be set off only against LTCG. Extract of Section 70 for reference - (3) Where the result of the computation made for any assessment year under sections 48 to 55 in respect of any capital asset (other than a short-term capital asset) is a loss, the assessee shall be entitled to have the amount of such loss set off against the income, if any, as arrived at under a similar computation made for the assessment year in respect of any other capital asset not being a short-term capital asset.

Seemran Singh

CA Final

★ 4K+

06-Jul-22 23:58