[FAQs] Income Tax Returns (ITR) | Set-off of Losses
- Blog|ITR Week 2023-24|Income Tax|
- 2 Min Read
- By Taxmann
- |
- Last Updated on 5 July, 2023
Latest from Taxmann
FAQ 1. I have earned a salary income of Rs. 800,000 and have a loss of Rs. 300,000 from house property. Can I set off such a loss against my salary income?
Section 71 allows the set-off of losses from house property against any other income. However, losses under the head ‘house property’ shall be allowed to be set off only to the extent of Rs. 200,000 in any assessment year. Thus, only a loss of Rs. 200,000 can be adjusted against your salary income and a loss of Rs. 100,000 shall be carried forward for set-off in subsequent years.
(Read More: Inter head Adjustment on taxmann.com/practice)
FAQ 2. I have a long-term capital loss of Rs. 70,000 from the sale of listed equity shares. Whether the same can be allowed to be set off or carried forward?
Tax is levied under Section 112A at the concessional rate of 10% on long-term capital gains arising from the transfer of said securities if the long-term capital gain exceeds Rs. 1 lakh.
The new section 112A provides for taxability of long-term capital gains above Rs. 1 lakh. As gain up to Rs. 1 lakh is not chargeable to tax, it couldn’t be called exempt income. Therefore, any long-term capital loss arising from the sale of listed equity shares can be set off and carried forward.
Dive Deeper:
Income Tax Returns (ITR) | Which ITR Form is to filed for AY 2023-24
[FAQs] Income Tax Returns (ITR) | Requirement to File ITR
[FAQs] Income Tax Returns (ITR) | Updated Returns
[FAQs] Income Tax Returns (ITR) | Reporting in Schedules in ITR
[FAQs] Income Tax Returns (ITR) | e-Filing of ITR
[FAQs] Income Tax Returns (ITR) | Annual Information Statement (AIS)
[FAQs] Income Tax Returns (ITR) | Capital Gains
[FAQs] Income Tax Return | Tax Payment | TDS | TCS | Refunds
[FAQs] Income Tax Returns (ITR) | Deductions & Rebates
[FAQs] Income Tax Returns (ITR) | Clubbing of Income
70+ FAQs on Income-tax Returns (ITR) for Assessment Year 2023-24
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
