Comment on Taxation Simplified

Nithin Kamath commented on 03 Feb 2013, 09:46 AM

Hi Santosh,

Say the loss you made this financial year trading markets was 1lk and your rental income is 75k. If you are declaring trading as a business(active trader), you can net it off against the rental income this year. So you can net off 75k of your trading loss to your 75k rental income.

You are still left with a loss of 25k, which you can carry forward to the next year. Now this loss that is carry forwarded to the next year cannot be net off against your rental income, this carry forwarded loss can be net off only against any other business income of yours.

View the full comment thread »