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Regarding rectification return


dheeraj kumar (student)     16 March 2017

dheeraj kumar
student 
 35 points

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I have filed income tax return for the AY 2016-17 my GTI is 3,13,456.00 which includes STCG is 65000 & LTCG is 40611 & House property loss is 57862.00 and have other income. Total income is 2,78,600.00 as per software House property loss is first set of with LTCG and then STCG but as per CPC order house property loss is  first set of with STCG and then LTCG and raised a demand by IT department. So I want to know that which process is correct

If I file rectification return can I decrease my income which I shown in original return while filing rectification return
 
Deepak awasthi

Deepak awasthi (student)     16 March 2017

Deepak awasthi
student 
 2 likes  182 points

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You can revise your return
Deepak awasthi

Deepak awasthi (student)     16 March 2017

Deepak awasthi
student 
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You can revise your return
Diamond Goyal

Diamond Goyal (Finance Accounts Taxation & Auditing)     16 March 2017

Diamond Goyal
Finance Accounts Taxation & Auditing 
 2 likes  90 points

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As per my suggestion-

In this case, if you are not claiming any deduction then the amount of demand raised by department would be approx 4,200 INR.

But there is no as such provision under income tax act that the loss from house property can be set off first from STCG and then from LTCG or vice-versa.

So, you need to clarify the same with assessing officer. And the tax payer can claim such benefit.

Thanks & Regards

Diamond Goyal

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Dhirajlal Rambhia

Dhirajlal Rambhia (KVO Merau Kutchh)     16 March 2017

Dhirajlal Rambhia
KVO Merau Kutchh 
 9248 likes  93445 points

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Actually loss on House property is first sett-off against other income heads and not capital gains. In your case, after adjustment of the loss when the net income fall short of basic limit, first short term capital gain is reduced by that amount. Thus calculation of CPC seems to be correct. I don't think any more chance of reducing tax demand.

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Ashton Martin

Ashton Martin   16 March 2017

Ashton Martin

 2 points

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manoj

manoj (student)     16 March 2017

manoj
student 
 409 likes  5190 points

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YOU CAN REVISE

RAMA RAJU RAMAIAH

RAMA RAJU RAMAIAH (Advocate-Tax consultants)     18 March 2017

RAMA RAJU RAMAIAH
Advocate-Tax consultants 
 58 points

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Dhrajlal ji said is correct

Diamond Goyal

Diamond Goyal (Finance Accounts Taxation & Auditing)     28 March 2017

Diamond Goyal
Finance Accounts Taxation & Auditing 
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Please refer the section for the said concern.


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