Whether long term capital gain can be set off against loss under house property during current year

JAYAKUMAR.M.G (PARTNER) (328 Points)

02 February 2019  

Dear Experts

During the AY 2018-19  an assesee having Income  from salaries  Rs 389000 Interest  on Housing loan of self occupied property Rs 129000 and  Income from business or profession  under presumptive Basis Rs 100000 and Long Term Capital Gain on sale of  Land  Rs 27000. As [per the Intimation u/s 143  (1), CPC taxes the  LTCG as undisclosed income . In this case I would like to know whether there is any provision under Income Tax Act  for not to set off LTCG against income under other heads during the same assessment year. Kindly  advice