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Section 71 - Set off of loss from one head against income from another head

Income Tax - Set off and Carry forward of Losses - 02 - SEC - 71: SET OFF OF LOSS FROM ONE HEAD AGAINST INCOME FROM ANOTHER HEAD (INTER-HEAD ADJUSTMENT) GENERAL RULE: Where in respect of any assessment year, there is a loss under any head of income o .....

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r the head capital gains. Losses of PGBP cannot be SET OFF against salary. Loss computed in respect of any specified business referred to in Section 35AD cannot be SET OFF against any other income. Loss of lottery, etc. cannot be set off against winn .....

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