Set-off Non speculation business loss

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1 Points Posted on 10 October 2020
can Non-speculation business loss be set off against casual income.
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On 10 October 2020 at 07:48 Report
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This discussion clarifies whether a non-speculation business loss can be offset against casual income. Generally, business losses can be adjusted against other business income. However, casual income, such as lottery winnings, cannot be used to offset losses from other income heads. Furthermore, speculative losses are strictly limited to being set off only against speculative profits.

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5895 Points Posted on 10 October 2020
Yes they can adjusted against income from business and proffession
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On 10 October 2020 at 07:59
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12244 Points Posted on 10 October 2020
Casual income vis-a-vis winnings from lottery gambling etc cannot be set-off against loss from any other heads of income. moreover speculative loss can be set-off against only speculative profit
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On 10 October 2020 at 21:33

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