Student

Can we set off losses by skipping one previous year ??
 
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KVO Merau Kutchh

Please elaborate......

 
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Student

If there is any loss from house property during the P.Y.16-17 and that loss carried for next year P.Y.18-19(even there is income from HP during the P.Y.17-18) , without setting off during P.Y.17-18 . Can we set off loss during the P.Y.18-19 ?
 
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KVO Merau Kutchh

No, not possible.......

Example......... loss c/f.......... -10000/- say

PY profit before set off........ +4000/-

So what will be net effect (income) from IFHP of PY......... Just -6000/- or (+4000 & -10000) two different figures?.....

 
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Student

Ok Sir I understood, Is it compulsory to setoff loss from profit during the P.Y. OR can c/f that loss for next P.Y. for next yr without setting off (wholly) during the P.Y

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KVO Merau Kutchh

Same head........ mandatory to set off...........

If set off against other head, can be postponed........


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Student

Ok Thank you Sir🙂🙂

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KVO Merau Kutchh

Most Welcome, Dear..


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