Query on set off and carry forward
This query is : Resolved
Quick Summary
17 June 2020
Dear Experts,
Can brought forward House property loss be set off against the Current year Long term Capital Gain ?
Thanking You in Advance!!! :)
Can brought forward House property loss be set off against the Current year Long term Capital Gain ?
Thanking You in Advance!!! :)
18 June 2020
no, capital gain loss cannot be set off against any head. LTCL against LTCG only
STCL against STCG OR LTCG
STCL against STCG OR LTCG
18 June 2020
Brought forward house property loss cannot be set off against current year LTCG.
Inference - section 71B(i).
Inference - section 71B(i).
19 June 2020
What about current year loss of income from home property can it be set off against the LTCG of current year?
19 June 2020
Sir and i already reply for the same that you can;t set off LONG TERM CAPITAL GAIN AGAINST LOSS FROM HOUSE PROPERTY
19 June 2020
Mam,
I have read this, "The Loss from House Property is allowed to be set-off against any other Income arising during the same year. Therefore, if there is a loss under head House Property, and there is Income under any of the other 5 heads of Income i.e. Salary/ House Property/ Business or Profession/ Capital Gains/ Other Sources, this loss from House Property can be adjusted against such income. The net income so computed after set-off of Loss under head House Property would be taxable as per the Income Tax Slabs"
I have read this, "The Loss from House Property is allowed to be set-off against any other Income arising during the same year. Therefore, if there is a loss under head House Property, and there is Income under any of the other 5 heads of Income i.e. Salary/ House Property/ Business or Profession/ Capital Gains/ Other Sources, this loss from House Property can be adjusted against such income. The net income so computed after set-off of Loss under head House Property would be taxable as per the Income Tax Slabs"
19 June 2020
there is restriction in the case of capital gain. yes, it is allowed in case of any heads but not in case of Capital Gain. Sir mentioned a section, you can search and read the complete information
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITDS U/S.194T of Firm
- Unregistered suppliers utility
- Difference between Date of Payment and Date of Deduction?
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Non-Compliance documents have not been submitted by the contractors debited
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- Journal entry of busniess expenses
- Invertaded duty struture
- Cash balance limit and property purchases limit
- EXPORT COMMERCIAL INVOICE HSN CODE
- GST not cancelled by tenant
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
