Following conditions must be kept in mind while carrying forward losses for set off: Any losses of past year can be set-off only against income from that respective head of income (Inter head adjustment is not possible). However, unabsorbed ...
There are three ways in which the taxpayer can set-off losses. Set off loss under the same head of income (intra-head set off), e.g. setting off of loss from business A against profit from business B. Set off loss from one head against income from ...
Loss from speculation business cannot be set of against profit from a non-speculation business, but loss from non-speculative business can be set-off against speculation income. Loss under Capital Gains (Long term or short term) cannot be set-off ...
In such cases, the best approach would be to bifurcate the rent amount into two categories ---‘rent’ and ‘service charges’. The amount of rent received is to be charged as Income from House Property and the amount of service charges received is to be ...
Capital gain is termed as profit received from the sale of real estate, bonds and golds, where sale price exceeds the purchase price. Capital gain is negative if the purchase price exceeds sale price and it is termed as loss. The losses can be set ...