Intra Head Set off of Losses (Set Off of Loss against Income of Same Head)

Any losses arises under any Head of Income can be set off from any Income from any other Source under same head for that assessment year or any subsequent year, except few cases where losses can not set off to any other Income under same head for that assessment year or any subsequent year.

 

Cases or Situation in which Losses cannot be Set off with other Income even under Same Head: -

 

Intra Head Set off of Long Term Capital Loss: - Any Long Term Capital Loss Arises on sale or Transfer of Capital Assets can be set off against any Income any Long Term Capital Gain in that Assessment Year or any subsequent Assessment year.

 

Intra Head Set off of Losses from Speculation Business: - Any loss from Speculation Business can be set off only against any Income from Speculative Business in that Assessment Year or any subsequent Assessment year.   

 

Intra Head Set off of Losses from Specified Business: - Any loss from Specified Business under sec 35AD can be set off only against any Income from Specified Business under Sec 35AD in that Assessment Year or any subsequent Assessment year.   

 

Intra Head Set off of Losses from Activity of Owning and Maintaining Horse Races: - Any loss from Activity of Owning and Maintaining Horse Races can be set off only against any Income from Activity of Owning and Maintaining Horse Races in that Assessment Year or any subsequent Assessment year.   

 

Intra Head Set off of Loss from Exempted Income: - Any Loss arises from any Source of Income which is exempted from cannot be set off against from any Income under any Head for that Assessment or Any subsequent Assessment Year.

 

Inter Head Set off of Losses (Set Off of Losses against Income of other Head)

Any losses arises under any Head of Income can be set off from any Income under any head for that assessment year or any subsequent year, except few cases where losses cannot set off to any Income under any head for that assessment year or any subsequent year.

 

Inter Head Set off of Loss Under Capital Gain: - Any Long Term or Short Capital Loss Arises on sale or Transfer of Capital Assets can be set off against any Income from any Long Term or Short Term Capital Gain in that Assessment Year or any subsequent Assessment year.

 

Inter Head  Set off of Losses from Speculation Business: - Any loss from Speculation Business can be set off only against any Income from Speculative Business in that Assessment Year or any subsequent Assessment year. Any Loss from Speculative Business cannot be set off against any Income Under any Head except Income from Speculative Business.   

 

Inter Head  Set off of Losses from Specified Business: - Any loss from Specified Business under sec 35AD can be set off only against any Income from Specified Business under Sec 35AD in that Assessment Year or any subsequent Assessment year.   

 

Inter Head  Set off of Losses from Activity of Owning and Maintaining Horse Races: - Any loss from Activity of Owning and Maintaining Horse Races can be set off only against any Income from Activity of Owning and Maintaining Horse Races in that Assessment Year or any subsequent Assessment year.   

 

Inter Head Set off of Loss from Exempted Income: - Any Loss arises from any Source of Income which is exempted from cannot be set off against from any Income under any Head for that Assessment or Any subsequent Assessment Year.

 

Inter Head  Set off of Losses from Income from Salaries: - No Loss can be set off against Income from Salaries except any Loss under Head Income from House Property up to Rs. 2 lakhs.

 

Inter Head Set off of Loss of Income from House Property: - Any Loss under Income form House from Property can be set off against any Income under any Head up to Rs. 2 Lakhs.

 

Note: - Current Year Loss can be set off against any Income assessed under any Survey.

 

Carry Forward of Losses

Loss under any Head can be Carried Forward only if Last Quarter Return is fike within due date can be set off 

 

Carry Forward of Losses under Head Income from House Property: - Any Loss Under Head Income from House Property remains after Intra Head and Inter Set off such Loss can be carried forward for 8 Assessment Year. Carried Forward losses under Head Ince from House Property can be set off Against Income under Income from House Property. Loss under Head Income from House Property can be carried forward even if Return filed after due date.

 

Carry Forward of Losses Under Head Income from business and Profession (Other than Losses from Sepeculative Business): - Any Loss under Head Income from Business and Profession Other than Sepeculative Business can be carried forward for 8 Assessment Years. Loss Under Head Income from Business and Profession can be carried forward only if Return is filed within Due date.

Carry Forward of Losses from Speculative Business:-  Any Loss from Speculative Business can be carried forward for 4 Assessment Years. Loss from Speculative Business can be carried forward only if Return is filed within Due date.

 

Carry Forward of Losses from Specified Business: - Any Loss from Sepcfied Business under Sec 35AD can be carried forward for Infinite Assessment Years. Loss from Specified Business can be carried forward only if Return is filed within Due Date.

 

Carry Forward of Losses under Head Income from Capital Gains : - Any Loss under Head Capital Gain can be carried forward for 8 Assessment Years. Loss from Income under Head Capital Gain can be carried forward only if.

 

Carry forward of Loss from Activity of Maintenance and owing: - Any Loss arises from Income from Activity of Owing and Maintenance can be carried forward for 4 years. Any Loss from Income on owing and maintenance of Hourses and Houser Race can be carried forward only if Return  is filed within Due Date.