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Set Off, Carry Forward & Set off
Replies (3)
Dear Vineet Kumar.........
According to me.....The Current Year losses should be set off against the income before adjusting the Carry forward loss........
But Unabsorbed depn will be set off after adjusting the Brought forward business loss..........
Waiting for other views/replies.........
Dear vineet
you are not allowed to set off LAST year business loss from any other head other than Profit and gain from business or profession, but u can set off your current year business loss from income from house property.
so first adjust your current year business loss from income from house property and balance if any after adjustment will be carry forward for 8 assesment year.
As per supreme court ruling in the case of JAIPURIA CHINA CLAY MINE unabsorbed depreciation is treated as current year loss and can br carried forward for indefinite period, so it is better to adjust it after adjusting business loss.
But, if I earned income from other non-speculative business instead of house property in current year.
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