|
Sr. No. |
Section |
Types of Loss |
Set off Against Income |
Can be
carried forward for |
|
In same Assessment Year |
In subsequent Assessment Year |
|
1. |
72 |
Business or Profession (Non-Speculation other than Depreciation) |
Business Income head;or any other head except salaries [sec 71(2A)] |
Business Income Head (Note 1) |
8
years |
|
2. |
32 |
Depreciation |
As above |
Business Income Head or any other head (Note 2) |
indefinitely |
|
3. |
73 |
Business (Speculation) |
Speculation Profit |
Speculation Profit |
4
years with
effect from
Assessment
Year 2006-07
(8 years up to
Assessment
Year 2005-06) |
|
4. |
74 |
Capital Loss (Short & Long-term)
(Up to A. Y. 2002-03) |
Capital Gain |
Capital Gain |
8
years |
|
70/74 |
Short-term capital loss |
do |
do |
8
years |
|
70/74 |
Long-term capital loss |
Long-term capital gain |
Long-term capital gain only |
8 years |
|
5. |
74A |
Running and Maintaining Race Horses |
Such income only |
Such income only |
4
years |
|
6. |
71 |
Other sources |
Other sources or any other head |
No carry forward |
N. A. |
|
7. |
71B |
House Property: |
|
|
|
|
a) Let out property
|
Income from House property head or any other head |
Income from House property |
8
years |
|
b) Self-occupied Property (On
account of interest on borrowed capital) |
As above |
As above |
8
years |
|
8. |
72A/ 72AA/ 72AB |
In case of amalgamation/demerger |
(Click here) |
|
|
|
9. |
73A
|
Losses by specified Businesses (Note 5) |
|
Business income of
specified business |
Indefinately |
