income from let out property
This query is : Resolved
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.
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.
06 April 2009
123
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
(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
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
