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set off


Sunil Ahmad (Student)     24 March 2018

Sunil Ahmad
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Can we set off losses by skipping one previous year ??

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Dhirajlal Rambhia (KVO Merau Kutchh)     24 March 2018

Dhirajlal Rambhia
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Please elaborate......

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Sunil Ahmad (Student)     24 March 2018

Sunil Ahmad
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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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Dhirajlal Rambhia (KVO Merau Kutchh)     25 March 2018

Dhirajlal Rambhia
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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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Sunil Ahmad (Student)     25 March 2018

Sunil Ahmad
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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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Dhirajlal Rambhia (KVO Merau Kutchh)     25 March 2018

Dhirajlal Rambhia
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Same head........ mandatory to set off...........

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

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Sunil Ahmad (Student)     25 March 2018

Sunil Ahmad
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Ok Thank you Sir🙂🙂

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Dhirajlal Rambhia (KVO Merau Kutchh)     25 March 2018

Dhirajlal Rambhia
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Most Welcome, Dear..

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