Setoff and carry forward of losses

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 February 2014 Whether loss of house property can be set off against the income of short term capital gain u/s 111A in the A.y 2010-11 for a Non Resident Individual?

Actually my cousin is NRI, and his source of income was stcg-111A Rs. 52603/- and ohter sources Rs. 125603/-, there was loss of HP Rs. 45306/- which is to be setoff u/s 71B. I had adjusted the loss against stcg but the IT dept has set the same against income from other sources and computed the tax on STCG-111A,

Whether I can do the same or not???

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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25 February 2014 Loss under the head house property can be set-off against income under any OTHER head (including CAPITAL GAIN).

So loss from house property can be set off from STCG u/s 111A.

File a rectification application.