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Set off and carry forward

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(Querist)
23 December 2014 A house property is sold in current year, can we carryforward and setoff the losses of that property in current year and setoff against Capital Gain.The holding period of the property is 37 months.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
23 December 2014 The LTCL can be set off only against LTCG, if any, arising from sale of other long-term capital assets. Further, any LTCL that cannot be set off against LTCG arising in the same fiscal can be carried forward to subsequent eight fiscals. But this can be set off only against LTCG.
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CA Kumar Mukesh

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CA Kumar Mukesh (Expert)
24 December 2014 The Treatment suggested by Mr. Seethraman is correct and per provision of Section 71, 72 and 74 of Income Tax Act, 1961
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