Loss set-off and carry-forward rules classify house-property, business, capital, speculation and race-horse losses by eligible income and compliance conditions.

House-property loss is carry-forward eligible only against house-property income, while speculation loss is restricted to speculation profits and requires timely filing of the loss return. Unabsorbed depreciation and specified capital expenditure may be carried forward without time limit against permitted income, whereas specified-business loss remains confined to income from that business. Other business and capital losses are subject to timely filing and applicable income-head restrictions. Race-horse activity losses require both continuation of the activity and timely filing, and may be set off only against income from that activity.

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