Loss which are Not Allowed by Law to be Deducted from Gross Income

For taxation purposes, we have to consider loss which are not allowed by law to be deducted from Gross Income as follows:

1. Loss on voluntary removal of building on land with the view to erecting another building;

2. Wagering losses not covered by wagering gains;

3. Capital losses not covered by capital gains

4. Losses from exchanged of property in corporate readjustment;

5. Losses from illegal transactions;