Set off losses in Income Tax

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student
166 Points Posted on 26 November 2021

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 Posted on 26 November 2021
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 Posted on 26 November 2021

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 Posted on 26 November 2021
No not allowed.
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On 26 November 2021 at 16:57
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student
166 Points Posted on 26 November 2021

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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