आय का एक ही सिर के नीचे एक अन्य स्रोत से आय के खिलाफ एक स्रोत से नुकसान के बंद सेट
Set off, or carry forward and set off
71 [Set off of loss from one source against income from another source under the same head of income.
72 70. 73 [* * *] Save as otherwise provided in this Act, where the net result for any assessment year in respect of any source falling under any head of income 74 [* * *] is a loss, the assessee shall be entitled to have the amount of such loss set off against his income from any other source under the same head.
75 [* * *]
71. Substituted by the Finance (No. 2) Act, 1962, w.e.f. 1-4-1962.
72. See also Circular No. 14-D (XXV-27), dated 2-8-1967, Circular No. 26 (LXXVI-3), dated 7-7-1955, Circular No. 104, dated 19-2-1973 and Circular No. 587, dated 11-12-1990. For details, see Taxmann’s Master Guide to Income-tax Act.
For relevant case laws, see Taxmann’s Master Guide to Income-tax Act.
73. "(1)" omitted by the Finance Act, 1987, w.e.f. 1-4-1988.
74. "other than capital gains" omitted by the Finance Act, 1987, w.e.f. 1-4-1988.
75. Omitted, ibid. Prior to its omission sub-section (2) stood as under :
"(2) (i) Where the result of the computation made for any assessment year under sections 48 to 55 in respect of any short-term capital asset is a loss, the assessee shall be entitled to have the amount of such loss set off against the income, if any, as arrived at under a similar computation made for the assessment year in respect of any other capital asset.
( ii) Where the result of the computation made for any assessment year under sections 48 to 55 in respect of any capital asset other than a short-term capital asset is a loss, the assessee shall be entitled to have the amount of such loss set off against the income, if any, as arrived at under a similar computation made for the assessment year in respect of any other capital asset not being a short-term capital asset."