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set off
Can we set off losses by skipping one previous year ??
Replies (7)
Please elaborate......
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 ?
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?.....
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
Same head........ mandatory to set off...........
If set off against other head, can be postponed........
Ok Thank you Sir🙂🙂
Most Welcome, Dear..
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