Taxation · Income Tax Act, 1961
If income from a particular source is exempt from tax, how will the loss from such a source be treated under the Income Tax Act, 1961?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1It can be set off against the same source of income, irrespective of exemption limits.
- 2It can be set off against any other income that is chargeable to tax.
- 3Such a loss will not be covered under any provisions of the Income Tax Act.
- 4It cannot be set off against any other income that is chargeable to tax.✓
Correct answer
It cannot be set off against any other income that is chargeable to tax.
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