Assessee Confirms Adjusting Capital Gains Against Prior Loss, Claims Section 80 Deduction, Results in Nil Taxable Income.

Assessee Confirms Adjusting Capital Gains Against Prior Loss, Claims Section 80 Deduction, Results in Nil Taxable Income. https://www.taxtmi.com/highlights?id=43111 Set off the business losses against the capital gains u/s 71 - The assessee in the return of income did not set off the business loss against the short term capital gain. However, after adjusting the capital gains of the year against the brought forward short term capital loss and claiming deduction u/s 80 returned the taxable income at ‘nil’ with carry forward business loss - Action of the assessee confirmed. en-us Thu, 06 Dec 2018 07:52:24 +0530 Thu, 06 Dec 2018 07:52:24 +0530 TaxTMI RSS Generator Assessee Confirms Adjusting Capital Gains Against Prior Loss, Claims Section 80 Deduction, Results in Nil Taxable Income. https://www.taxtmi.com/highlights?id=43111 Set off the business losses against the capital gains u/s 71 - The assessee in the return of income did not set off the business loss against the short term capital gain. However, after adjusting the capital gains of the year against the brought forward short term capital loss and claiming deduction u/s 80 returned the taxable income at ‘nil’ with carry forward business loss - Action of the assessee confirmed. Highlights Income Tax Thu, 06 Dec 2018 07:52:24 +0530 https://www.taxtmi.com/highlights?id=43111