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,
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