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


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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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.

 
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 satish is correct

 
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yes satish is absolutely right

 
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