SET OFF AND CARRY FORWARD OF LOSSES SET OFF AND CARRY FORWARD OF LOSSES
SET-OFF AND CARRY FORWARD OF LOSSES
Section 70 INTRA HEAD ADJUSTMENT |
GENERAL RULE :- within the particular head of income, loss from one source can be setoff against the income from any other source. |
EXCEPTIONS:- A) losses of speculative business only against income from speculative business. B) losses of business u/s 35 AD only against income from business u/s 35 AD. C) losses of OMRH only against income from OMRH D) LTCL cannot be set off against STCG. |
Section 71 INTER HEAD ADJUSTMENT |
GENERAL RULE :- there is a loss under any head of income it can be set off against income under any other head |
EXCEPTIONS :- A) losses of speculative business only against income from speculative business. B) losses of business u/s 35 AD only against income from business u/s 35 AD. C) losses of OMRH only against income from OMRH D) PGBP losses cannot be set off against salary income. E) CAPITAL LOSSES cannot be set off against any other head |
INCOME HEAD | INTRA HEAD | INTER HEAD | CARRY FORWARD | |||||
HOUSE PROPERTY | Allowed | Allowed except casual income ( max. Rs.2 lacs) | 8 years ( only against house property) | |||||
NORMAL BUSINESS | Allowed assessee. | to any other | business of | Allowed except income and salary. | casual | 8 years ( only against income u/h PGBP) | ||
SPECULATIVE BUSINESS | Allowed business. | only against | speculative | Not allowed | 4 years ( only against speculative business.) | |||
BUSINESS U/S 35 AD | Allowed only against business u/s 35 AD | Not allowed | Unlimited time ( only against 35 AD.) | |||||
CAPITAL GAIN | STCL LTCL | STCG LTCG | Not allowed | STCL STCG LTCL LTCG ( 8 years) | ||||
CASUAL LOSS | Not allowed | Not allowed | Not allowed | |||||
LOSS OMRH | FROM | Allowed only against OMRH | Not allowed | 4 years. (Allowed against OMRH | only | |||
OTHER LOSSES | Allowed except casual income | Allowed | Not allowed | |||||
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