can we set off losses under the head other sources with salary income... please quote relevant sections and case laws(if any)
SUNILKUMAR WADHWANI
(Chartered Accountant)
(320 Points)
Replied 23 October 2012
LOSSES FROM OTHER SOURCES CAN BE SET OFF AGAINST ANY HEAD OF INCOME IN THAT ASSESSMENT YEAR ONLY.
MEANS IT IS NOT ALLOWED TO CARRY FORWARD.
REFER SECTION 71 OF INCOME TAX ACT 1961.
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