Table Chart of Set Off & Carry Forward of Losses under Income Tax Act

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Table of Set off and Carry Forward Losses

S.No

Type of loss to be carried forward to next year(s)

Profit against which carried forward loss can be set off in next year(s)

For how many years loss can be carried forward

Should the business be continued

Is it necessary to submit return of loss in time

1. House Property Loss Income under the head Income from House Property 8 years Not Applicable No
2. Speculation Loss Speculation Profits 4 years Not necessary Yes
3. Non speculation business loss
3.1 On account of unabsorbed depreciation capital expenditure on scientific research and family planning Any income except salary income No time limit Not necessary No
3.2 Loss from a specified business under section 35AD Income from a specified business under section 35AD No time limit Not necessary Yes
3.3 Other remaining business loss Any business profit (whether from speculation or otherwise) 8 years Not necessary Yes
4. Capital Loss
4.1 Short term Capital Loss Any income under the head “Capital Gains” 8 years Not necessary Yes
4.2 Long term Capital Loss Long Term Capital Gains 8 years Not necessary Yes
5. Loss from the activity of owning and maintaining race horses Income from the activity of owning and maintaining race horses 4 years Yes Yes
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