Anuj Sharma

Anuj Sharma (115 Points)

13 July 2022

can loss under head business and profession be set off against head income from other sources?

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4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (168971 Points)
Replied 13 July 2022

You have not specified whether the loss to be set off are from speculative or non-speculative business?

Well, Business loss other than speculative business can be set off against any head of income except income from salary.

So, yes non-speculative business loss or losses from profession can be set off against IFOS...

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CA Rashmi Gandhi (Chartered Accountant) (86308 Points)
Replied 14 July 2022

Same is set off from any income other than salary

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Anuj Sharma (115 Points)
Replied 14 July 2022

Business is non speculative but still in a question business loss is not set off against IFOS income

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CA Rashmi Gandhi (Chartered Accountant) (86308 Points)
Replied 14 July 2022

Same will be set off

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