Loss Carry Forward
This query is : Resolved
12 July 2010
Can loss from the head "Income from other Sources" be carried forward ?
Eg
Loan @10% taken as on 1 Jan 10 = 1,00,000/-
Investment @ 15% taken as on 1 Jan 10 = 1,00,000/-
Interest on Loan accrues last day of every month and on investment every year on 31 Jul.
Net Taxable Income
Int on Investment till 31/Mar/10.........0
Int on Loan till 31/Mar/10...............(2500)
Hence Loss under IFOS (2500)
Can this loss be carry forward to next year ?
Eg
Loan @10% taken as on 1 Jan 10 = 1,00,000/-
Investment @ 15% taken as on 1 Jan 10 = 1,00,000/-
Interest on Loan accrues last day of every month and on investment every year on 31 Jul.
Net Taxable Income
Int on Investment till 31/Mar/10.........0
Int on Loan till 31/Mar/10...............(2500)
Hence Loss under IFOS (2500)
Can this loss be carry forward to next year ?
12 July 2010
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