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of <h1>Taxpayers Can Strategically Offset Losses Across Income Categories with Specific Restrictions Under Section 71</h1> Section 71 of the Income Tax Act, 1961 governs the set-off of losses across different income heads. The provisions allow taxpayers to offset losses from one income category against income from another, with specific restrictions. Key limitations include prohibiting set-off of business losses against salary income, restricting house property loss set-off to two lakh rupees, and preventing capital gains losses from being offset against other income sources. The section provides detailed rules for income tax loss adjustment across various heads of income.
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