Question

Mr Deepanshu, a 35 years old Indian citizen and resident in India in the previous year. He is conducting three different business activities (speculative and non-speculative). He also has income and losses from House property, capital gains and other sources. He is confused in setting-off and carry forward of losses from different sources among different heads on intra head and inter head basis. Help and guide him.

Answer 1

Answer:

zd6uf

Explanation:

यह क्वेश्चन बहुत बड़ा है हम इसका आंसर दे सकते हैं लेकिन आप इस क्वेश्चन की हर एक बात बतानी है सोच में

Answer 2

Answer:

Explanation:

Set off of losses means adjusting the losses against the profit or income of that particular year. Losses that are not set off against income in the same year can be carried forward to the subsequent years for set off against income of those years. A set-off could be an intra-head set-off or an inter-head set-off.

There cannot be a loss from salary and income from other sources. However, we could suffer losses under other heads of income such as loss from house property, business loss and capital loss. Adjusting loss from one head against any gain under the same head is called 'inter-source' adjustment.