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of <h1>Set-off of non-capital losses against other income heads under Section 70; restrictions for salaries and capital gains</h1> Where an assessee has a loss under any head of income other than capital gains, that loss may be set off against income under any other head for the same assessment year, subject to chapter restrictions; if capital gains exist, losses from other heads may also be set off against capital gains. Loss under 'Profits and gains of business or profession' cannot be set off against 'Salaries.' Loss under 'Capital gains' cannot be set off against other heads. Loss from 'Income from house property' exceeding two lakh rupees in a year cannot be set off against income under other heads.
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