assume we have a loss for the last finacial year ,when we
are calculating income tax for this year how would be
affected last year loss
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Answer Posted / mark
loss for the last financial year can be carried forward to
next year and it can be setoff in case of business loss it
can be setoff only in business profits in case of house
property it can setoff from any source of head . in case of
accumulated dep can be setoff from all sources except from
income from salary in case of capital gains short term
capital loss can setoff only from short term gain . it can
carried forward for 8years
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