Dear Experts,
The Income for the FY 2014-15 is as under-
Loss from Business = -1,00,000
Deemed short term capital gain u/s 50 on depreciable asset = 2,00,000
Income from other sources (forfeiture of advance money against capital asset) = 40,000
The query is - What should be the order of set-off?
I want to set off as follows-
Loss from Business = -1,00,000
Income from other sources = 40,000
Remaining loss = -60,000
Capital gain u/s 50 = 2,00,000
Balance represents income as Capital gains = 1,40,000
Is the set off order correct? Or, Capital gain is first required to be adjusted with Capital gains and then IFOS.
Please guide.
correct
assessee can claim set off according to his priority ,i.e whatever beneficial to him.
Thanks for the reply.