Untitled Document

SETOFF AND CARRY FORWARD OF LOSSES

HEADS OF INCOME / LOSS

LOSS

HOUSE PROPERTY

BUSINESS

CAPITAL LOSS

OTHERS

 

SPECULATIVE

NON SPECULATIVE

DEPRECIATION

LONG TERM

SHORT TERM

OWING AND MAINTAINING RACE HORSES

OTHER

 

 

 

 

 

 

 

 

GAIN

INTER & INTRA HEAD

SALARY

Y

N

N

N

N

N

N

Y

HOUSE PROPERTY

Y

N

Y

Y

N

N

N

Y

PROFITS AND GAINS OF BUSINESS OR PROFESSION

    - SPECULATIVE

Y

Y

Y

Y

N

N

N

Y

    - NON SPECULATIVE

Y

N

Y

Y

N

N

N

Y

CAPITAL GAINS

    - LONG TERM

Y

N

Y

Y

Y

Y

N

N

    - SHORT TERM

Y

N

Y

Y

N

Y

N

Y

OTHER SOURCES

    - OWING AND MAINTAINING RACE HORSES

Y

N

Y

Y

N

N

Y

Y

    - WINNING FROM LOTTERIES, PUZZLES ETC.

N

N

N

N

N

N

N

N

    - OTHER INCOME

Y

N

Y

Y

N

N

N

Y

 

 

CARRY FORWARD & SETOFF

SETOFF AGAINST GAIN FROM

SALARY

Y

HOUSE PROPERTY

Y

Y

PROFITS AND GAINS OF BUSINESS OR PROFESSION

    - SPECULATIVE

Y

Y

Y

    - NON SPECULATIVE

Y

Y

CAPITAL GAINS

    - LONG TERM

Y

Y

Y

    - SHORT TERM

Y

Y

OTHER SOURCES

    - OWING AND MAINTAINING RACE HORSES

Y

Y

 

NO. OF YEARS

8

4

8

-

8

8

4

SECTION

71B

73

72

32(2)

74

74

74A

RETURN OF LOSS

N

Y

Y

N

Y

Y

Y

CONTINUENCE OF BUSINESS

NA

N

N

N

N

N

Y

 
     
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