1073 (Tax) Can bought forward losses from certain head be set off against inter head adjustments? Video Link - https://youtube/watch?v=7SddSA86Tsc Narration - By Amlan Dutta Case Methodology - Harvard Case methodology We all know that the current year losses can be set of intrahead and interhead as per provisions of the act as defined in sections 71 and 72 ...but what about bought forward losses ...can we equally set them off against other heads ...the answer is no ...we can only set them off with income from same head and that too if such income is available in that head after current year loss adjustment ! Let me give a simple example . For Previous year 2013 14 , i had salary income of 10 lacs , house property loss of 270000 and STCG on stocks of 19 lacs . In this year i will adjust my House property loss against salary gain of 10 lacs and accordingly my salary income gets reduced and my house property has no income left in it ! Say , from past years i have house property loss of 1 lac and i want to know whether i can still set it ioff agai9nst current year salary income , the answer is no ...i have to see whether in same house property head after current year loss adjustement whether we have income available ...biut we know that in current year we have no income available in house property head and so the answer is no ( see how for current year we adjusted the loss against salary head (interhead ) but for similar bought forward loss , we could not adjust it againt salary gains ! This calls in for very important mastery of the concepts , Hope you enjoy the tutorial as much as i enjoyed making it , Cheers , Amlan Dutta
Posted on: Sat, 13 Dec 2014 08:49:14 +0000
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