Set off of loss from one source against income from another source under the same head of income
Set off, or carry forward and set off
33[Set off of loss from one source against income from another source under the same head of income.
70. 34[***] 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 35[* * *] 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.
(2) 36[***]
33. Substituted by the Finance (No. 2) Act, 1962, w.e.f. 1-4-1962.
34. "(1)" omitted by the Finance Act, 1987, w.e.f. 1-4-1988.
35. "other than capital gains", omitted by the Finance Act, 1987.
36. Sub-section (2) was omitted by the Finance Act, 1987. 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."
[AS AMENDED BY THE FINANCE ACT, 1988]