Set off and carry forward losses to save tax: All you need to know

Most of us try to use the entire Rs 150,000 limit under Section 80C to save tax. But there are other ways to reduce the tax outgo such as setting off and carrying forward losses on income and investments.  These losses may have been incurred on selling stocks, property or mutual fund units. Even interest paid on a home loan for purchasing a second home can be set off against gains on house property. “As the regulations allow carrying forward the losses, taxpayers benefit from these provisions for years to come,” says Kuldip Kumar, partner and leader – personal tax,.....

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