FINAL ANSWER

the basic funda of itax is nothing can be set off against salary..

ya only loss from house property can be done

ya 4get 2 mention dat except hp loss..

fine.......only that saves salaried employees.

the first victims of tax

Ok. Consider that depreciation can be set off against any other head. However, if in the other head there may be any income for which it is specifically stated that the expenses under various other sections (incl. sec 32) cannot be set off, then you cannot set it off against that income. the other head where you want to set off the depreciation should not specifically disallow the same.

ya only winnings from lottery n oders specifically dis allow that.

Mr.Sunil can u provide whether there are any oder incomes whic specifically disallow set-off od unabsorbed depreciation with it?

No Dhiraj....

U cannot set off unabsorbed depreciation against income under the head salaries....

Unabsorbed depreciation can be carried forward for infinite period of time and can be set off against all other heads of income except Salaries....

For reference read sec 32 and if still confused refer the study material provided by the institute. Its mentioned there clearly....

Also as specified by others it can also not be set off against winnings from lotteries.....

.

find my pm neha

PLz  frnds...consider sec 32(2),58(4),57 n sec 71.....simultaneously....for solving the query that whether unabsorbed dep ..can be set off against income under head salary and income  from winnings,puzzels,etc...

In nutsell,unabsorbed dep..can't be setoff against income under the head salary and income from winnings,puzzels,etc..

have u gone through my pm?

neha...

Mr. Trinath. My contention is that first the rule has to be followed for the applicable heads of income before you make any downward adjustment to it. Therefore you can adjust a salary downward only by what the head salary allows you to do, a HP by only what the head HP allows you to do and so on.

Now if a head like Income from Business and Profession allows you to set of loss or unabsorbed depreciation under any other head, applying any law logically, if in any particular income it is specified you cannot adjust downwards on account of anything else other than what it allows, you definitely cannot.

Therefore, before adjusting the unabsorbed depreciation against any other income anywhere else, check the condition for that income as that condition rules supreme for that income. If there is nothing specified against that PARTICULAR income, then take a chance as you may have some case if any appeal goes to HC or SC for interpretation of Law.

On the other hand, if under Business and Profession income it is specified that you cannot adjust unabsorbed depreciation against a particular income, you cannot.

yup..i think so too..
 

  i think it can be set off ....

sec 32(2) governs carry fwd and set off of unabsorbed dep ......as posted by mr praveen does not deny set off with other heads

also the amendment in finance act 2004 provided that income under head pgbp cant be set off with salary income.

loss under pgbp si governed by sec 72 and sec 72 n.a. on unabsorbed dep....sec 72 is thus specific provision only for salary and should not affect unabsorbed dep

thats why i feel deduction shall be allowed against salary

  i think it can be set off ....

sec 32(2) governs carry fwd and set off of unabsorbed dep ......as posted by mr praveen does not deny set off with other heads

also the amendment in finance act 2004 provided that income under head pgbp cant be set off with salary income.

loss under pgbp si governed by sec 72 and sec 72 n.a. on unabsorbed dep....sec 72 is thus specific provision only for salary and should not affect unabsorbed dep

thats why i feel deduction shall be allowed against salary

 i think it can`t be setoff  against salary income