Intimation u/s 143(1)a

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5 Points Posted on 11 March 2020
while filing income tax in Winman software, it has been set off loss from house property from long term capital gains. Now intimation is received from IT department to pay additional tax amount.
What shall I do now? Either to pay tax or rectify it online?
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On 11 March 2020 at 12:41 Report
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This discussion addresses an individual who received an intimation under section 143(1)(a) of the Income Tax Act after setting off a house property loss against long-term capital gains in Winman software. The user is seeking guidance on whether to pay the additional tax demanded or rectify the return online. Advice was given to review the set-off against the Rs 2 lakh limit specified under Section 71(3A) for house property losses.

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C.A FINAL STUDENT AND QUALIFIED C.M.A
563 Points Posted on 11 March 2020

As per Sec 71(3A), Loss from head 'House property' could be set-off against Income under any other head to the extent of Rs 2 Lakhs.

Hence bearing such provision , please review your case.

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On 11 March 2020 at 16:51
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5 Points Posted on 11 March 2020
Then can I rectify this?
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On 11 March 2020 at 18:05
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C.A FINAL STUDENT AND QUALIFIED C.M.A
563 Points Posted on 11 March 2020

Verify your details, if Set-off is as  per above stated provisions then you can

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On 11 March 2020 at 18:06
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5 Points Posted on 11 March 2020
Okay mam thank you
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On 11 March 2020 at 18:10

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