Set Off and Carry Forward of Losses

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Presentation transcript:

Set Off and Carry Forward of Losses

Set Off of Losses Inter Source Set Off Exceptions to this rule are-: Speculation Loss Loss from Specified Business referred to in Section 35AD Long Term Capital Loss Loss from owning and maintenance of race horses

Loss from an exempted source of Income Loss in respect of Casual income falling Any loss cannot be set off against casual income INTER HEAD SET OFF Speculation Loss Loss under the head capital gains Business loss not to be set off from Salary Income

Set Off of Losses from Casual Income falling u/s 56 (2) (ib) Loss in respect of Casual Incomes falling under section 56(2) (ib) Loss from a source whose income is exempted Share of Loss from Firm/AOP

Carry Forward and Set Off Losses Carry Forward of Loss under the head House Property Carry Forward of Non-speculation “Business Loss” Carry Forward of “Speculation Business Loss” Carry Forward of Loss under the head “Capital Gains” Carry Forward of loss from activity of owning and maintaining race horses Unabsorbed Depreciation