Set off losses in Income Tax

I have

1) House property "current year loss" of 1,99,684

2) Long Term Capital Gain of 4,53,039

3) Business income of 2,87,136

4) 80 C deduction of 1,50,000

What will be the "sequence of set off" of house property losses and taxable amount?

Thanks in Advance

Replies (4)
Quick Summary
This discussion clarifies how to set off losses from a house property against other income sources for Income Tax purposes. It explains that up to £2,000 of house property losses can be offset against any other income, such as business income. Long-term capital gains are taxed separately and cannot be used to offset house property losses directly. The sequence of set-off is crucial for maximising tax relief.

No tax on other than ltcg, as business income set off against hp loss and balance from 80C deduction.
ltcg taxable at 20%.

can we first set off losses of hp with ltcg

No not allowed.

text in sec 71B allows to set off hp loss from any income head up to 2 lakh Rs. 

 

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