Article assistant
81 Points
Joined October 2015
Agreed with Ms. Ruchi. The loss from leasing out or letting out of Plant and machinery can be set off against Income from business or income from other souces also, not particularly that the income comprises business income.However such loss cannot be allowed as deduction from certain incomes like winning from lotteries, races including horse races,card games and other games of any sort or form, gambling or betting of any form or nature as the sec 58(4) of the Income tax act do not allow any deduction from the incomes earned from the sources aforementioned.
So the answer for your question is YES, CAN BE SET OFF AGAINST INCOME FROM OTHER SOURCES ALSO
hope your doubt clears :-)