Carryforward & SetOff
This query is : Resolved
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?
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.
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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