can we set off loss of income from other sources against salary income
CA Ankita Karia (CA) (100 Points)
10 March 2010can we set off loss of income from other sources against salary income
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 10 March 2010
Hi ankita, which other source are you talking about??
Coz, there are few losses that cannot be set off against SALARY
C.Balaji
(Learner)
(1867 Points)
Replied 10 March 2010
Dear Ankita.......
Please be more specific..........
What s ur query????
Rajat Singhal CA,CS,CFA
(Senior Manager (F&A))
(254 Points)
Replied 10 March 2010
Dear Ankita,
Losses under the head PGBP cannot be set off against the salary head but, losses from other sources can be set off against the salary income.
Excep the following losses :-
Loss from maint. & owing of Race horses ,lotteries,cross word puzzles,betting gambling other game can not be adjusted against any other head.
Loss from Sources ,where income is exempted under section 10 can not be adjusted against any other Head Like income from Log term capital Loss from shares (STT paid)
Regards
Rajat
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