Tax urgent doubt

YA IT IS ALLOW DEDUCTION  UPTO 1,50,000/-

Unbsorbed deprecition cn be settoff against any other head except Salary Income? Right?

Originally posted by : Azim
	Unbsorbed deprecition cn be settoff against any other head except Salary Income? Right?

unabsorbed depreciation can be set off against income from any head. 

Yes.

The interest is allowed upto Rs. 150000/-

regards

Dinesh Kalra

You can set off unabsorbed depreciation from salary income.....pls refer below

/forum/can-unabsorbed-depreciation-be-set-off-against-salary-income-135163.asp

plz check the link

/forum/doubt-section-32-2--106909.asp

yes u can setoff agnaist salary income....

if the housing loan is taken on or after april 1,1999 for construction of house property and construction gets completed in 3 years then maximum deduction available is rs. 150000 and in any other case for self occupied house property it is rs. 30000

rs. 8000 will be added to the salary income of employee

the set off provision applies head to head i.e. either they are intra head or inter head......they do not apply to any particular expense or loss and BUSINESS LOSSES i.e. losses u/s 28-44 are not allowed to be set off against salary income.....so setting off unabsorbed depreciation would be defeating the provisions of Income Tax Act