12 October 2013
Non-Speculative Business loss can be set off against Rental Income in the same assessment year... It can be set off Any income under any head except Salaries..
In subsequent Assessment Year it can be set off against Business Income only..
12 October 2013
Yes,It is Permissible under Section 71. . . Where in respect of any A.Y. the net result of the computation under the head "Profit and gains of Business or profession" is a loss and the assesse has income assessable under the head "Salaries", the assesse shall not be entitled to have such loss setoff against such income. . . However , it shall be allowed to set off from income under any other head . . . .
Note:However we need to note that where intra head adjustment was not permitted,,there inter head adjustment will also be not permitted..like (speculation business loss,35AD business,owing and maintaing race horse loss...,lotter..etc.)
CAclubindia
