SETOFF LOSS

152 views 5 replies

MPR Sanjay Kumar

3145 Points Joined November 2020

Dear Chartered accountants ,

Plse check IAM I correct or not...

1. any loss from house property we can set off against any head of income up to 2 lakhs(remaining amount we can set off against next year)

2. any loss from business except (speculation business and income from salary). we can set off business loss......

3.speculation loss of business only can be set up against speculation only.....

... loss from maintenance and owning resources set off same head only....

4. loss from card games are set off only same head..

5. loss from sale of shares should be set off only same head

please check whether this all are correct of me.. if there is any wrong please clarify and explain me

🌟 Query:

any loss of any Heads does we can carry forward 8 years to adjust???

Replies (5)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

208439 Points Joined July 2016

Except 5 , all are correct..

Try to correct that.

MPR Sanjay Kumar

3145 Points Joined November 2020

Sir could you please tell me what is the mistake because I don't know

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

208439 Points Joined July 2016

First you have to clarify that the sale of share is under capital gain or business head. If business then speculative or non speculative. After the segregation rules should be applied as said above.

MPR Sanjay Kumar

3145 Points Joined November 2020

Sale of shares under short capital means we can set up against both short term loss and a long term loss ( Iam I correct)

carry forward of losses for speculation business and some special business mentioned 35ad and maintenance of owning and race horse
(this carry forward losses for 4 assessment years we can carry forward ) IAM I correct

plse check