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Manner of set off

Direct Taxation

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

CA Final

★ 2K+

03-Apr-21 11:14

330

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