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Discussion > Income Tax >

sec 70(1) and sec 70(3) of Income tax act

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[ Scorecard : 69]
Posted On 13 December 2008 at 19:23 Report Abuse

Can any one explain the difference between Sec 70(1) and Sec 70(3) of Income tax act as it is quite confusing regarding set of and carry forward of losses

Yours

Natesh

 

 


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Sathish Karunakaran
ACA

[ Scorecard : 614]
Posted On 13 December 2008 at 22:48

Sec.70(1) - Loss from any source falling under a head of income, except Capital Gains head, can be set off against profits from any other source falling under the same respective head.

Sec. 70(2) - Loss from Short Term Capital Asset can be set-off against gains from any capital asset, computed under Sec.48 to 55, either being a long term or short term.

Sec.70(3) - Loss from Long Term Capital Asset can be set-off against gains from any other Long term capital asset only, computed under Sec.48 to 55.





Satyam Jaiswal
Articled student

[ Scorecard : 60]
Posted On 14 December 2008 at 00:41

 satish is correct




Member (Account Deleted)
Raza (CA Final)

[ Scorecard : 3655]
Posted On 23 December 2008 at 23:17

yes satish is absolutely right



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