Set Off Losses

According to section 80 no loss which has not been determined in pursuance of a return filed in accordance with the provisions of section 139(3) shall be carried forward. The exceptions to this are

Section 70 enables set off of losses under one source of income against income from any other source under the same head. The exceptions to this section are –

Mr. X incurred long-term capital loss from sale of listed shares in recognized stock exchange. Such loss –

The maximum period for which speculation loss can be carried forward is

Mr. A incurred short-term capital loss of 10000 on sale of shares through the National Stock Exchange. Such loss – –

The maximum period for which loss from specified business can be carried forward is –

Loss from house property of 410000 of A.Y. 2019-2020 is allowed to be set-off against income from house property of A.Y. 2020-21 of 50000 to the extent of –

Any loss from the specified business referred to in section 35AD can be set off against –

Business loss of the current year cannot be set-off against –

Brought forward loss from house property can be set-off –