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of <h1>Understanding Set-Off Rules: Section 71 of Income Tax Act on Offsetting Losses Across Different Income Heads</h1> Section 71 of the Income Tax Act allows for the set-off of losses from one head of income against income from another head within the same tax year, subject to specific exceptions. Speculative business losses can only be offset against speculative income, while losses from specified businesses under section 35AD can be offset against other specified business income. Business or professional losses cannot be offset against salary income. Long-term capital losses can only be set off against long-term capital gains, while short-term capital losses can be set off against both long-term and short-term capital gains. Losses from maintaining race horses can only be offset against similar income. House property losses can be offset against any other head up to 2,00,000. Losses from exempt income sources cannot be offset against taxable income. Carry forward of losses does not allow for inter-head adjustments.
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