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Question ID : 38035


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


Answer ID : 76379

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