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,
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