Section 71Central Act
Section 71: [ Set off of loss from one head against income from another. [Substituted by Act 49 of 1991, Section 23, for Section 71 (w.e.f. 1.4.1992).]
[ Set off of loss from one head against income from another. [Substituted by Act 49 of 1991, Section 23, for Section 71 (w.e.f. 1.4.1992).]
(1)
Where in respect of any assessment year the net result of the computation under any head of income, other than "Capital gains", is a loss and the assessee has no income under the head "Capital gains", he shall, subject to the provisions of this Chapter, be entitled to have the amount of such loss set off against his income, if any, assessable for that assessment year under any other head.(2)
Where in respect of any assessment year, the net result of the computation under any head of income, other than "Capital gains", is a loss and the assessee has income assessable under the head "Capital gains", such loss may, subject to the provisions of this Chapter, be set off against his income, if any, assessable for that assessment year under any head of income including the head "Capital gains" (whether relating to short-term capital assets or any other capital assets).[(2-A) Notwithstanding anything contained in sub-section (1) or sub-section (2), where in respect of any assessment year, the net result of the computation under the head "Profits and gains of business or profession" is a loss and the assessee has income assessable under the head "Salaries", the assessee shall not be entitled to have such loss set off against such income.](3)
[ Where in respect of any assessment year, the net result of the computation under the head "Capital gains", is a loss and the assessee has income assessable under any other head of income, the assessee shall not be entitled to have such loss set off against income under the other head.] [Substituted by Act 49 of 1991, Section 23, for Section 71 (w.e.f. 1.4.1992).](4)
[ Where the net result of the computation under the head "Income from house property" is a loss, in respect of the assessment years commencing on the 1st day of April, 1995 and the 1st day of April, 1996, such loss shall be first set off under sub-sections (1) and (2) and thereafter the loss referred to in section 71-A shall be set off in the relevant assessment year in accordance with the provisions of that section.] [ Substituted by Act 32 of 1994, Section 21, for sub-Section (4) (w.e.f. 1.4.1995).]Previous
Sec 70 — [ Set off of loss from one source against income from another source under the same head of income. [ Substituted by Act 20 of 2002, Section 27, for Section 70 (w.e.f. 1.4.2003).]
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Sec 71A — [ Transitional provisions for set off of loss under the head "Income from house property". [ Substituted by Act 32 of 1994, Section 22, for Section 71-A (w.e.f. 1.4.1995).]
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