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Set-off of gains against losses

The provisions of the Income-tax Act, 1961 to offset the Losses against the Gains in the following situation:-

Set off of gains against loss in case of sale on different dates in the same Financial Year. The Gains earned on transfer of capital assets should be set off against Losses incurred during the same financial year (i.e. during April - March) subject to the provisions of Income-tax Act,1961.

In order to address the above situation, a procedure has been prescribed under the Act, whereby NRI recipient of income can apply online to ITD (in a prescribed format) along with the relevant supporting documents to issue a Tax Exemption Certificate (TEC) authorising the Payer of income (who deducts tax) to deduct tax at a lower rate or Nil rate, as the case may be.

Carry Forward of Unabsorbed Capital Loss in subsequent year. If the loss cannot be set off or entirely be setoff in the same year, it is allowed to be carried forward to subsequent year provided return of income is filled within the prescribed time limit. - by A M B JAIN & CO.

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