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Intimation u/s 143(1) A.Y 17-18 due to set-off and carry forward

Others 277 views 5 replies
My client is getting income from :-
1.Loss from house property
2.Long term capital gain
3.profit from business
what is the order to set-off loss from house property.
We set-off loss towards capital gain and the income tax officer is in a contrary position.

Give a suggestion to proceed further and an case law if any!
Replies (5)
The Set off procedure would be as follows:

1. Loss from House property can be Set off Against any other head of Income. But When Its A Case Of CARRY FORWARD AND SET OFF (means Past year's Loss from House Property is being set off in current year) THEN IT CAN ONLY BE SET OFF AGAINST HOUSE PROPERTY INCOME.

Further, in case of SET OFF during the Current year also there is a recent amendment that if you have loss under the head house property during the current year then it can be set off against other heads of income but only to the extent of Rs. 2 lacs. [FA 2017].

2. Long term capital gain and Business are giving you profit so no question of Set off. But again I would say if there is Long term capital loss then It MUST be set off Only against Long term Capital Gain. But If you have Long term Capital Gain then there is no restriction against using it for setting off the losses of House Property.

Thanks. Be Helpful to One Another!
Thanks a lot sir
You are most welcome!
loss from house property to be set off first from the total income (excluding incomes charged under special rates)

Sir,

      Would you give any case law.

  


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