Set off losses in Income Tax

Tax queries 147 views 4 replies
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student
166 Points Joined September 2019

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

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On 26 November 2021 at 13:32 Report
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Team Lead
7558 Points Joined November 2011
No tax on other than ltcg, as business income set off against hp loss and balance from 80C deduction.
ltcg taxable at 20%.
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On 26 November 2021 at 16:48
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student
166 Points Joined September 2019

can we first set off losses of hp with ltcg

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On 26 November 2021 at 16:51
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Team Lead
7558 Points Joined November 2011
No not allowed.
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On 26 November 2021 at 16:57
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student
166 Points Joined September 2019

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

 

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On 26 November 2021 at 17:14


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