Income-tax Act,1961

Act No : 43

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Section : Set off of loss from one source against income from another source under the same head of income 7

6[70. Set off of loss from one source against income from another source under the same head of income 7 8[* * *] Save as otherwise provided in this Act, where the net result for ---------------------------------------------------------------------- 1Substituted for "Income-tax" by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 2 inserted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4- 1976. 3 Substituted for "Income-tax" by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 4 Inserted by the Taxation Laws (Amendment) Act, 1975, w,e.f. 1-4- 1977. 6 Substituted by the Finance (No. 2) Act, 1962, w.e.f. 1-4-1962. 8 The figure (1)" omitted by the Finance Act, 1987, w.e.f. 1-4-1988. ---------------------------------------------------------------------- 1.326 any assessment year in respect of any source falling under any head of income 1[* * *] is a loss, the assessee shall be entitled to have the amount of such loss set off against his income from any other source under the same head. 2[(2) Omitted by the Finance Act, 1987, w.e.f. 1-4-1988.]

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