Wantapreneur
491 Points
Joined September 2010
Section 139(3) read with section 80 prohibits carry forward and set-off of business loss and loss under the head capital gain. However said section does not make any reference to section 32 (depreciation). Further section overrides only chapter VI and not section 32
Therefore, Depreciation can be carry forward infinately (till it is completely set-off) , even though return is not filled within the time limit prescribed U/s 139(1)
similarly the said section does not make any reference to carry forward of loss under the head of income from house property. therefore loss under the head of income from house property can also be carry forward, even though return is not filled within the time limit prescribed U/s 139(1)