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Set off and carry forward

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08 November 2014 Sirs, need clarification in view of cwa exam. If an individual has business loss, whereas he has positive income under capital gain & HP income to set off business losses. How the Business losses to be set off? Which source of income to be set off first? What is the logic behind adjusting the particular income first? Is there any specific rules specified in IT act for this? Pls advice.
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Amol S Joglekar

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Amol S Joglekar (Expert)
08 November 2014 The choice is with the assessee unless of course it is specifically negated by Act. e.g. capital loss
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