Set Off and Carry Forward of Losses under the head "Income from Other Sources"
Set Off and Carry Forward of Losses under the head "Income from Other Sources"
As per section 70, if there is loss in one source under the head other sources, such loss can be set off from income of any other source under the same head.
However, as per section 58(4), no deduction or set off shall be allowed from the income by way of any winnings from lotteries, crossword puzzles, races including horse races, card games, and other games of any sort or from gambling or betting of any form whatsoever.
As per section 71, if the loss can not be set off under the same head, it can be set off from the incomes of other heads. If the loss can not be set off even from the incomes of other heads, its carry forward is not allowed.
Eg:
(i) Mr. X has loss under the head other sources Rs.2,00,000 and income under the head other sources Rs.5,00,000, in this case loss is allowed to be setoff.
(ii) Mr. X has loss under the head other sources Rs.2,00,000 and income under the head house property Rs.5,00,000, in this case loss is allowed to be setoff.
(iii) Mr. X has loss under the head other sources Rs.2,00,000 and income from owning and maintaining of race horses Rs.5,00,000, in this case loss is allowed to be setoff.
(iv) Mr. X has loss under the head other sources Rs.2,00,000 but do not have income under any other head, in this case carry forward of loss is not allowed.
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