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Manner of set off

I have 1 lakh gain from HP and 1 lakh gain from capital gains and i also have an 1 lakh loss from business income. I need to know which head of income i set off first against business loss


Santhosh kv

Santhosh kv

CA Inter

1K+

03-Apr-21 11:14

35

Answers (2)

Both can be set off, in any order. Business loss other than speculative business can be set off against any head of income except except income from salary. The following losses canâ??t be set off against any other head of income: a. Speculative Business loss b. Specified business loss c. Capital Losses d. Losses from an activity of owning and maintaining race-horses


sudha reddy

sudha reddy

Moderator

03-Apr-21 17:01

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