31 January 2015
is there is priority for set off? eg. business loss -183857,capital gain 369075,income from other source 60631, deduction 100000.. so give me suggestion, whether 1st business loss adjust against capital or Ios which affect deduction? plz reply
31 January 2015
Dear Sir, There is no priority for set off of current year losses. In any case, priority will not make any difference in as much as the deduction of Rs.100000/- is given out of gross total income and not from any individual head of income. In the instant case the gross total income will be Rs.245849/- and total income will be Rs.145849/-
CAclubindia
