Set off of house property loss from long term capital gain

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shweta jangra (Querist)
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22 January 2019 I HAVE FILED ITR-3 OF AN PERSON THROGH COMPU OFFICE .WHICH HAVE HP LOSS AND LONG TERM CAPITAL GAIN AND BUSINESS INCOME ..SOFTWARE AUTO SETS OFF THE HP LOSSES FROM LTCG THUS TAX ON SPECIAL INCOME REDUCED BY THAT AMOUNT.. NOW DEPARTMENT HAS ISSUED A NOTICE THAT THERE IS DIFF. BETWEEN SPECIAL INCOME ...NOW WHAT TO DO ?????

Nilesh Gami

Nilesh Gami (Expert)
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23 January 2019 set off of HP loss against any other income is restricted to 2 lakhs only. You may have to recalculate your taxability in case of any non-compliance and response to the department along with additional tax liability, if any.

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shweta jangra

shweta jangra (Querist)
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24 January 2019 HP LOSS IS ONLY 30000 RS. SO THERE IS NO ADDITIONAL LIABILITY WILL ARISE.

Nilesh Gami

Nilesh Gami (Expert)
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24 January 2019 Then it is within the proviso of the act. you may explain the matter to AO.

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