Carryforward & SetOff

This query is : Resolved

Amar (Querist)
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29 August 2008 Tell me the provisions of Income Tax Act regarding set-off of carried-forward losses E.g. in the year in which loss under the head House Property is incurred it can be set-off against any head but after it has been carried forward, it can only be set-off against Income from house Property. Do the other heads have such limitations regarding set-off of carried-forward losses?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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02 April 2012 All heads of income have the same limitation.

Loss under a head of income can be carried forward and set off only against income under that head.

Further, long term capital loss can be set off only from long term capital gain.

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