# The Finance Act, 1987, Section 29: Substitution of new section for section 71

- Act: The Finance Act, 1987 (Act 11 of 1987)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1987/section/29/

## Text

Substitution of new section for section 71 29. For section 71 of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 1988, namely:- Setoff of loss from one Head against income from another "71. Where in respect of any assessment year the net result of the computation under any head of income is a loss, the assesses shall, subject to the provisions of this Chapter, be entitled to have the amount of such loss set off against his income if any, assessable for that assessment year under any other head.". [Finance Act, 1987] © Copyright. Taxmann Publications Pvt. Ltd.

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