Loss of income from other sources

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 September 2016 whether loss of income from other sources can be carry forward or Not , if possible any case law or circular please mention also.

Amol S Joglekar

Amol S Joglekar (Expert)
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15 September 2016 one can divide the loss into three
01. loss from owning and maintenance of race
02. loss from lotteries, crossword puzzle, card game
03 other loss from "other sources"
while 01 and 02 can be set off only against 01 and 02 respectively, the 03 can be set of against other income .....

Expert : Anonymous

Expert : Anonymous (Expert)

16 September 2016 Certainly, except loss from owning & maintenance of race, lotteries, Crossword puzzle etc... For further clarifications, you may write us to info@wealth4india.com or Logon to www.wealth4india.com (Online Tax Studio & Start-up Gateway)

Amol S Joglekar

Amol S Joglekar (Expert)
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16 September 2016 you are most welcome.

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