set off casual and other loss

CA Prabhat Kumar Makhija (Portfolio Manager) (152 Points)

07 April 2011

There is a loss from other source income.

How can i set off that loss?

Please reply in detail.

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U S Sharma (glidor@gmail.com) (21063 Points)
Replied 07 April 2011

if the nature of loss is from horse race/speculation then its not available for set off

if the nature business loss then u can set off from business income or any other income, except salary.

you can not set off any loss from salary account.

alternate u can carry forward the business loss/ house property loss/ negetive capital gains upto 8 assessment years for set off.

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