The statement is "False".
_____
Explanation:
As per the applicable rules, any amount of passive loss can be set off only against the income from passive investments. Any amount of unutilized passive loss can be carried forward to the future years and adjusted against the passive income (if any) of such years. It is important to note that passive losses cannot be set off against the taxpayer's ordinary income. Therefore, the question of phasing out of tax break for losses from passive investments doesn't arise and it can be concluded that the statement is false.
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please slove both
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