Income From House Property.

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ghosh (Querist)
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11 January 2009
Q. There is one house property having 3 Floor ( G, 1st , 2nd). 2nd floor is rented with Rs.8000/- P.M.and others self-occupied.
This house is mortgaged with bank and yearly interest(not installment) is Rs. 5.00 lacs( five lacs). This person has other income from business which is also loss.
Question is how much loss under ' Income from House Property' can be carried forward?
Also advice whether it is wise to do so (carry forward), Is there any hassle with Assessing officer enquiring?

CA Chaitanya

CA Chaitanya (Expert)
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11 January 2009 You can carry forward the loss from house property for a period upto 8 years.

CA Chaitanya

CA Chaitanya (Expert)
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11 January 2009 Business loss also can be carried forwarded to 8 years.

CA Chaitanya

CA Chaitanya (Expert)
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11 January 2009 If the business loss is on account of unabsorbed depreciation, then the unabsorbed depreciation can be carried forward to any number of years.

CA Chaitanya

CA Chaitanya (Expert)
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11 January 2009 The loss is caculated as under.

CA Chaitanya

CA Chaitanya (Expert)
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11 January 2009 GF 1st floor 2nd floor
GAV 96000 0 0
Less: Municipal Taxes - - -

NAV 96000 0 0
Less : 30% of NAV (28800) 0 0
Interest on BC (166667) (150000) 0

Income from House property (99467) (150000) 0

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