Doubt on setting off losses

Sec. 72 provides that Business loss other than speculation loss to the extent not set off under sec.71 shall be carried forward to the next A.Y and set off against the income under the head PGBP of the next A.Y.

So in my view, brought forward Business loss can be allowed to be set off against Speculative income since it fall under the same head of PGBP and no exception mentioned for it

Originally posted by : vijay bhasker kondapally
	if the loss is of the same year it can be set off against any business income. but if it is a carry forward loss then , it can be set off against the income of only that busineess in which that loss has been incurred

Correcting Vijay Bhasker

Please note that:

1) Current year business loss can be set off against current year Speculative income, and

2) It is not necessary that the loss should be set off against the PGBP of the business in relation to which the loss was incurred.

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