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of <h1>Losses set off within same income head (s.70) and capital asset loss rules: STCG vs LTCG set-off (s.74)</h1> Where the net result for an assessment year from any source under a given head of income (other than capital gains) is a loss, that loss may be set off against income from any other source under the same head. Loss from computation of a short-term capital asset may be set off against income computed from any other capital asset; loss from a long-term (non-short-term) capital asset may be set off only against income computed from other long-term capital assets.
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