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Subject to the provisions of this Chapter, the assessee shall be entitled to have the quantity of such loss set off against his revenue, if any, assessable for that evaluation year under any other head when the net result of the computation under any gross total income, other than "Capital gains," is a loss and the taxpayer has no income under the head "Capital gains."

To start, the term "unexplained income" refers to any income for which the assessee cannot offer a satisfactory explanation of its type or origin or the evaluating officer does not accept the assessee's answer. Sections 68, 69, 69A, 69B, 69C, and 69D of the Income-tax Act of 1961 (the Act) broadly speaking deal with the concept of "unexplained income."

Everyone should know about the benefits of section 80g.

When calculating a person's total income, all revenue should be included, whether it is received directly or indirectly:-

Income Transfer without Asset Transfer

The following deductions must be made before computing the revenue that falls under the heading "Income from other sources," namely:-

If income is not subject to income tax under any of the headings listed in section 14, items A to E, it is subject to income tax under the head "Income from other sources." This applies to any income that is not to be excluded from the overall revenue under this Act. Better concept on tax exemption can be seen here.

When the capital gain results from the transfer of a capital asset, such as machinery, plant, building, land, or any rights in building or land used for the business of an industrial undertaking located in an urban area, which is accomplished during, or as a result of, the relocation of such industrial undertaking to any area and the assessee must do the following within a window of one year before two or three years following the date the transfer occurred:-

Due to a specific cause, a guy decided to move; as a result, he sold his old home and used the funds to buy a new one. In this instance, the seller's goal was to purchase another appropriate property rather than to make money by selling the previous one. It would be difficult for the seller in this situation if he had to pay income tax on capital gains on the sale of the old residence. Such a burden is relieved under this section.

When the assessee has invested all or a portion of capital gains in any of the assets specified by the Board in this regard by notification in the Official Gazette, at any time within six months of the date of such transfer, and the capital gain arises from the transport of a long-term capital asset (the capital asset so transferred is referred to in this section as the original asset), the capital gain shall be treated in accordance with the provisions of this section,  that

If a long-term capital asset was transferred before the first day of April 2000 and there was a capital gain (the capital asset so transported being hereafter in this section referred to as the original asset) and the assessee has invested the entirety or any portion of the net consideration in any of the bonds, debentures, shares of a public company, or units of any mutual fund mentioned in clause (23D) of section 10 at any time within six months of the date of such transfer, as