Comment on Classifying Your Market Activity

Sai Sreedhar commented on 11 Mar 2017, 03:28 PM

Hi Nithin,
If I have 10Lakhs profit and 9Lakhs as the loss, can I record 7.5L as Profit for the current financial year [after adjusting 2.5L from losses to current financial year] and set off remaining 6.5L loss to next financial year?
My CA says as per Section – 72, Income-tax Act, 1961-2016, we can only set off the net loss (supposing we have more loss than profit for a year) to the next financial year!

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