Rent of flats is computed under Income from House Property.
Can this income sett off Loss from Business of a Construction company.
Ram M. Dixit (CA Final (Author)) (376 Points)
23 January 2015Rent of flats is computed under Income from House Property.
Can this income sett off Loss from Business of a Construction company.
Akash Shah
(student)
(26 Points)
Replied 23 January 2015
Yes, it can be set off as per section 71.
71. (1) Where in respect of any assessment year the net result of the computation under any head of income, other than “Capital gains”, is a loss and the assessee has no income under the head “Capital gains”, he shall, subject to the provisions of this Chapter, be entitled to have the amount of such loss set off against his income, if any, assessable for that assessment year under any other head.
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