Query on set off and carry forward
This query is : Resolved
17 June 2020
Dear Experts,
Can brought forward House property loss be set off against the Current year Long term Capital Gain ?
Thanking You in Advance!!! :)
Can brought forward House property loss be set off against the Current year Long term Capital Gain ?
Thanking You in Advance!!! :)
18 June 2020
no, capital gain loss cannot be set off against any head. LTCL against LTCG only
STCL against STCG OR LTCG
STCL against STCG OR LTCG
18 June 2020
Brought forward house property loss cannot be set off against current year LTCG.
Inference - section 71B(i).
Inference - section 71B(i).
19 June 2020
What about current year loss of income from home property can it be set off against the LTCG of current year?
19 June 2020
Sir and i already reply for the same that you can;t set off LONG TERM CAPITAL GAIN AGAINST LOSS FROM HOUSE PROPERTY
19 June 2020
Mam,
I have read this, "The Loss from House Property is allowed to be set-off against any other Income arising during the same year. Therefore, if there is a loss under head House Property, and there is Income under any of the other 5 heads of Income i.e. Salary/ House Property/ Business or Profession/ Capital Gains/ Other Sources, this loss from House Property can be adjusted against such income. The net income so computed after set-off of Loss under head House Property would be taxable as per the Income Tax Slabs"
I have read this, "The Loss from House Property is allowed to be set-off against any other Income arising during the same year. Therefore, if there is a loss under head House Property, and there is Income under any of the other 5 heads of Income i.e. Salary/ House Property/ Business or Profession/ Capital Gains/ Other Sources, this loss from House Property can be adjusted against such income. The net income so computed after set-off of Loss under head House Property would be taxable as per the Income Tax Slabs"
19 June 2020
there is restriction in the case of capital gain. yes, it is allowed in case of any heads but not in case of Capital Gain. Sir mentioned a section, you can search and read the complete information
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