Question ID :
38035
240554
How to setoff of business loss in the below scenario for NRI. Loss from Business -235000, Short term capital gain 220000 and income from other sources 200000. With which income loss should be setoff first, STCG or Other sources. If setoff with other sources first, need to pay tax STCG as basic exemption limit is not available.
Posted by
Sai Ram
on
Mar 14, 2019
Filed Under
DIRECT TAXES
You can set off business loss against STCG as well as Other income. Yes the basic exemption limit will also be available if only STCG is remains in your tax computation .
Posted by
CA. BISHT RAKESH on
Mar 18, 2019
Answer ID :
76388
Business loss can be set off against the STCG but not against the income from other sources.
Posted by
CA. JHA SHANKAR KUMAR on
Mar 20, 2019