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Summary of Rules for set off and carry forward

Income Tax - Set off and Carry forward of Losses - 13 - 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 bus .....

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