Eqbal Habibi

1200633

• Under this section , loss which could not be set off u/s 70 ( i.e. by way inter source adjustment ), can be set off against income under other heads .

Profit from business A

70,000

Less: Set off u/s 71 . ( Business B)

(70,000)

00Income From House Property

510,000

Less: Set off u/s 71 . ( Business B)

(220,000)

Gross Total Income

Rule 2 Loss under the head “profits and gains of business or profession” cannot be set off against income from salary .

Rule 4 Any loss under the head capital gains cannot be set off against any other head.