income from let out property

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This query is : Resolved

rakesh sharma (Querist)

06 April 2009 I recieve a rent of 1.50 lacs for period
of 3 months during the year.
The property was vacant for balance 9 months
I pay int of 3 lacs on loan agt property
what will be deduction allowed for interest.

can this be loss be off set against salary income.

rakesh sharma

rakesh sharma (Querist)

06 April 2009 123

K V Subba Rao

K V Subba Rao (Expert)

06 April 2009 (1) Yes u/s 71

(2) You may take note of the following:

"Set Off and Carry Forward of Losses from House Property

A loss from house property can be set off against income from any other head in the same year.

Any remaining loss can be carried forward for upto 8 years. In these subsequent years, this loss can be set off only against income from house property.

A loss for a particular year can be carried forward even if the income tax return for that year is not filed by the due date."

Source: https://www.raagvamdatt.com/Article151.html

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