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Q. > Please Help: Set-Off of Business loss
what is the reason behind non possibility of set off of following losses against the salary income??
1.Business loss
2.Loss from capital gains.
Similarly, Why we cant set off the long term capital loss against the short term capital gain.???
1 Answers
answered Jun 24, 2013 by Krishna Chandra Santi , Chennai
As there is a special rate of taxation for short term and long term capital gain, long term capital losses can't be set off against short term capital gain.
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Comments
P.Sambasiva Rao
24-Jun-2013 , 12:59:39 pmMr.Krishna, I agree with you.There is special rate of taxation for both long term and short term capital gain.However, we can set off short term capital loss against long term capital gain even though there is special rates of 20% for LTCG and 15% for STCG. The same is not possible for long term capital loss against short term capital gain. why???
nadim
27-Jun-2013 , 11:44:40 amLTCG is taxable @20% whereas STCG is taxable @30% except u/s111A. If STCL is allowed to be set off from LTCG than loss which is entitled to reduce income which is chargeable at higher rate I.e 30%, is set off from income which is chargeable at lower rate I.e 20% & vice versa. Business loss is not allowed to be set off against salary income because it might happened that in order to reduce tax liability salaried class will open bogus business in order to reduce tax liability.