Set-oo of losses u/s 70 from dividend income exempt from tax
This query is : Resolved
14 June 2009
Whether it is incumbent on the assessee to set-off loss from share trading business from the dividend income, exempt u/s 10(34), as dividend income is a part of income , as defined u/s 2(24)(ii) of the Act, under the head 'Income form Other Sources' and was later on made exempt w.e.f.01.04.2004? Also Section 70 contemplates set-off of losses against income from any other source, and income includes dividend exempt u/s 10(33).
14 June 2009
it can not be set off.
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