'Capital gains' is a loss.

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..... ital gains' is a loss, and the assessee has income assessable under the head 'Capital gains', such loss may, subject to the provisions of Chapter VI be set off: (i) against the income, if any, of the assessee assessable for that assessment year under any head including income assessable under the head "Capital gains" whether relating to short-term capital assets or any other capital assets), or (i .....

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..... d that the set off should not have been made. 3. Board desires that wherever any set off is made under section 71(2)(ii) of the Act, the Income-tax Officer must obtain from the assessee his option in writing and must also make an entry on the order sheet that the option has been exercised by the assessee. - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management .....

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