Set off of brought forward of business loss against capital gain ...

Income Tax

March 19, 2021

Set off of brought forward of business loss against capital gain arising on sale of business asset used for the purpose of business - Section 72(1) of the Act employs the expression computation 'under the head profits and gains or profession', whereas, Section 72(1)(i) does not use the expression under the head. Thus, the legislature has consciously left it open that any income from business though classified under any other head can still be entitled to the benefit of set off. - HC

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Set off of brought forward of business loss against capital gain ...

Income Tax

March 19, 2021

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