carry foeward and set off
This query is : Resolved
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?
if yes afterward if any bal is still their as loss can it be C/f? for how many years?
Anjani Pratap Tiwari
(Expert)
09 October 2009
No, it can't be set off against salary and can't be carried forward.
Juzer Sadikot
(Expert)
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
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
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