Order of set off of loss

[sujittalukder]

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.

[pawansingla]

correct
assessee can claim set off according to his priority ,i.e whatever beneficial to him.

[sujittalukder]

Thanks for the reply.