Set off the loss

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shoeb parwaiz

shoeb parwaiz (Querist)
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29 May 2015 Dear All,

Can the loss of F.Y.2007-2008 be brought forward to the F.Y.2015-2016?

Guest

Guest (Expert)

29 May 2015 If the losses cannot be set-off fully through inter head adjustment, they can be carried forward to the next years.
However, the loss so carried forward can be set-off only against same head of income, i.e. the benefit of “inter-source’adjustment is lost.
Nature of loss Number of years To be set-off against
Loss from house property 8 Years,
Business loss (non-speculative) 8 years,
Speculative business loss 4 Years business
Loss from activity of owning and
maintaining of race horses 4 Years
Short term capital loss 8 Years,
Long term capital loss 8 years,