There are certain important issues relating to the management of surface water resources in the Indus Basin that still remains unresolved. To ascertain the phenomenon of losses and gains in the various reaches of rivers basin is the most important among those. The water losses in the system are the main threat to the surface water conservation and integrated water resources management. Thus there is an urgent need to analyze the phenomenon of losses and gains in the system so that better water management-regulation could be made at every level. This paper reflects an overview of the water losses and gains pattern in the main rivers and their tributaries. The subject paper compiles losses and gains of the Indus Basin by considering historic data of almost last 63 years starting from the year 1940 to 2003. Also, the best effort has been made to highlight the critical reaches showing losses of the surface waters from the rivers. This preliminary attempt will obviously provide the basic guidelines for further research-study on such a crucial and demanding assignment and hence to resolve this ever pending issue.