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of <h1>Direct Taxes Code Bill 2009: Clause 62 details loss aggregation rules for unincorporated bodies after participant retirement or death.</h1> Clause 62 of the Direct Taxes Code Bill, 2009 addresses the aggregation of losses for unincorporated bodies when there is a change in constitution due to a participant's retirement or death. It stipulates that the 'unabsorbed current loss from ordinary sources' and 'special sources' for the financial year ending on the participant's retirement or death must be reduced in proportion to the participant's share. This reduced amount becomes the 'unabsorbed preceding year loss' for the subsequent financial year. These provisions apply regardless of any conflicting provisions within the Code, ensuring consistent treatment of losses in such scenarios.
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