Losses from other sources set off
Veer Shah (12 Points)
02 May 2019
how are the losses from other sources set off against income in the current FY and carry forward?
4 Replies
Pankaj Siddhu
(other)
(299 Points)
Replied 02 May 2019
No loss can be set off against income from winnings from lotteries, crossword puzzles, race including horse race, card game, and any other game of any sort or from gambling or betting of any form or nature.
As such there cannot be loss under head IFOS, other than as mentioned above. But in case any other loss arise, it is allowed to be set off with other source of incomes except LTCG.
Pankaj Siddhu
(other)
(299 Points)
Replied 02 May 2019
Add: Loss from the business of owning and maintaining race horses cannot be set off against any other income.
Govind Sharma
(15 Points)
Replied 02 May 2019
ADD..Other source losses can't be carry forward for next AY.
Spurto Consultancy Services
(Consultant)
(1891 Points)
Replied 02 May 2019
Loss from Other Sources cannot be incurred except in case of owning & maintenance of race horses. This said loss can be carried forward.
Further, if any loss arises in the current year then the same can be set off with all head of incomes except for LTCG.
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