Query on set off and carry forward

This query is : Resolved

Nithija (Querist)
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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!!! :)

c.bakshi

c.bakshi (Expert)
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18 June 2020 no, capital gain loss cannot be set off against any head. LTCL against LTCG only
STCL against STCG OR LTCG

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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18 June 2020 Brought forward house property loss cannot be set off against current year LTCG.
Inference - section 71B(i).

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Nithija

Nithija (Querist)
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19 June 2020 What about current year loss of income from home property can it be set off against the LTCG of current year?

c.bakshi

c.bakshi (Expert)
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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

Nithija

Nithija (Querist)
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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"

c.bakshi

c.bakshi (Expert)
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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