Carry forward & set off of house property loss

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Querist : Anonymous

Querist : Anonymous (Querist)

16 February 2012 Can we set Carry forward & set off of House property Loss if we file the ITR after the Due date ?

CA. Hari Kishan

CA. Hari Kishan (Expert)
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16 February 2012 Losses under any head of income cannot be carried forward and claimed set off in the next year(s) if the return is filed after the due date of filing the return of income..

Modification added:
1. House property losses can be carried forward as pr 139(3)..

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Rahul

Rahul (Expert)
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16 February 2012 Dear Hari

What you are saying holds good for all the losses except Losses from House Property.
Therefore Loss from House property can be carry forward and setoff even if Return of Income is filed after due date.

Correct me if im wrong.

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CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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17 February 2012 Section 139(3) read with Section 80 prohibits carry forward and set off of loss under the head PGBP.

It does not apply to loss under the head Income from House Property.

So, as Mr. Rahul said, loss under the head house property can be carried forward and set off even if the return is filed after the due date.

Querist : Anonymous

Querist : Anonymous (Querist)

17 February 2012 thanks to all for reply.

Avinash Sharma