What are rules for set off of loss from one head against income from another?
1. Where in respect of any assessment year, the net result of the computation under any head of income, other than “Capital gains”, is a loss and you have no income under the head “Capital gains”, then you shall be entitled to have the amount of such loss set off against income, if any, assessable for that assessment year under any other head. 2. Where in respect of any assessment year, the net result of the computation under any head of income, other than “Capital gains”, is a loss and you have income assessable under the head “Capital gains”, such loss may be set off against income, if any, assessable for that assessment year under any head of income including the head “Capital gains” (whether relating to short-term capital assets or any other capital assets). 3. Where in respect of any assessment year, the net result of the computation under the head “Capital gains” is a loss and the assessee has income assessable under any other head of income, the assessee shall not be entitled to
