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Set off priority order

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Querist : Anonymous

Querist : Anonymous (Querist)

31 January 2015 is there is priority for set off?
eg. business loss -183857,capital gain 369075,income from other source 60631, deduction 100000.. so give me suggestion, whether 1st business loss adjust against capital or Ios which affect deduction?
plz reply

Nikhilesh Kataria

Nikhilesh Kataria (Expert)
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31 January 2015 Dear Sir,
There is no priority for set off of current year losses. In any case, priority will not make any difference in as much as the deduction of Rs.100000/- is given out of gross total income and not from any individual head of income. In the instant case the gross total income will be Rs.245849/- and total income will be Rs.145849/-

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Querist : Anonymous

Querist : Anonymous (Querist)

02 February 2015 but sir deduction will not get on capital gain????? nd business loss in this case is carry forward or adjust on current year..

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