{"id":3542,"date":"2018-02-28T16:59:46","date_gmt":"2018-02-28T11:29:46","guid":{"rendered":"https:\/\/www.hostbooks.com\/in\/?p=3542"},"modified":"2018-02-28T16:59:46","modified_gmt":"2018-02-28T11:29:46","slug":"section-70-set-off-loss-one-source-income-another-source-head-income","status":"publish","type":"post","link":"https:\/\/www.hostbooks.com\/in\/hb\/income-tax-act-1961\/chapter-vi-aggregation-of-income-and-set-off-or-carry-forward-of-loss\/section-70-set-off-loss-one-source-income-another-source-head-income\/","title":{"rendered":"Section &#8211; 70 : Set off of loss from one source against income from another source under the same head of income"},"content":{"rendered":"<p>70.\t(1) 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, other than &#8220;Capital gains&#8221;, 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.<\/p>\n<p>(2) 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.<\/p>\n<p>(3) 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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>70. (1) Save as otherwise provided in this Act, where the net result for any<span class=\"excerpt-hellip\"> [\u2026]<\/span><\/p>\n","protected":false},"author":68,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[803,446],"tags":[],"yst_prominent_words":[2029,2021,2028,811,816,1409,460,2033,477,2031,2027,2023,482,2025,2030,2022,2024,2026,2020,2032],"_links":{"self":[{"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/posts\/3542"}],"collection":[{"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/users\/68"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/comments?post=3542"}],"version-history":[{"count":0,"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/posts\/3542\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/media?parent=3542"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/categories?post=3542"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/tags?post=3542"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/yst_prominent_words?post=3542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}