carry foeward and set off

This query is : Resolved

Rahul (Querist)
Follow

08 October 2009 Can a loss under the head IFOS othr then casulincome,owning and maintaining horserace be setoff against income from SALARY?,

if yes afterward if any bal is still their as loss can it be C/f? for how many years?

Anjani Pratap Tiwari

Anjani Pratap Tiwari (Expert)
Follow

09 October 2009 No, it can't be set off against salary and can't be carried forward.

Rahul

Rahul (Querist)
Follow

09 October 2009 i dont get it,can ypu explain wid relevant SECTION...pls....

Juzer Sadikot

Juzer Sadikot (Expert)
Follow

12 October 2009 Dear Rahul,

I think it is not legaly possible to have the result of IFOS negetive and so no question of loss in the head of IFOS and not of set-off carried forward.

Refer Section 57/58 of IT Act.

Thanks