| Question And Answer | |
|---|---|
| Subject: | Whether brought forward non speculative business loss can be adjusted against current year’s income from speculation? |
| Category: | Income-Tax |
| Querist: | Gyanesh Singh |
| Answered by: | Advocate Rahul Hakani |
| Tags: | brought forward non speculative business loss, set off of non speculation loss, Speculation income |
| Date: | May 17, 2021 |
Whether brought forward non speculative business loss can be adjusted against current year’s income from speculation?
No since as per S.73(1) speculative loss can be set off only against speculative profit.
Disclaimer: This article is only for general information and is not intended to provide legal advice. Readers desiring legal advice should consult with an experienced professional to understand the current law and how it may apply to the facts of their case. Neither the author nor itatonline.org and its affiliates accepts any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information in this article nor for any actions taken in reliance thereon. No part of this document should be distributed or copied (except for personal, non-commercial use) without express written permission of itatonline.org