Daught
This query is : Resolved
14 February 2014
where a person has a liability to pay tax in respect of other persons income, he is allowed to adjust such persons losses against his income
15 February 2014
Under the income tax act, only the income is taxed and there is no provision to deduct expenditure except specifically provided. In your case , you can not adjust the personal losses (I understand from the query that the loss is personal loss and not connected with any business or other earnings)
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