How to Set-off and carry forward the Income tax gain and loss. Loss from House property can set off against the other income. Short Term Loss can be set off against long term gain and short term gain. Business loss can be set off against other business income only.
Heads |
Set-off during the year |
Set-off & carry forward |
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Same Head |
Another Head |
Against |
C/f |
Year |
Profit from |
|
|
Yes |
Yes |
– NA |
Yes |
8Yrs |
Same head |
|
Yes |
No |
Against Speculation Profit Only |
Yes |
4Yrs |
Same Head |
|
Yes |
Yes |
Any Business Profit |
Yes |
NO LIMIT |
Same Head |
|
Yes |
No |
Long Term Capital Gain Only |
Yes |
8Yrs |
LTCG |
|
Yes |
No |
Against Long Term & Short Term Gain |
Yes |
8Yrs |
LTCG/STCG |
|
Yes |
No |
Against Income from Horse Racing Only |
Yes |
8Yrs |
Same Income |
|
Yes |
Yes |
– NA |
No |
4Yrs |
NA |