07 September 2010
a person filled his return u/s 139(4) (after the due date) .. in his income house property lossess is exist and same is set off from salary...
is it correct treatment.....
can lossess of house property is set off after the duedate from salary income...
If a person has sustained a loss under the head " Profits and gains of busiess or profession" or undr the head "Capital Gain" and claims that such loss or any part thereof should be carried forward unde sec. 72 or section 73 or sec. 74 or section 74A then he may furnish a return of loss within the time prescribed under section 139(1).
As per sec. 80 Set off and carry forward of losses , losses under the head business or profession and capital gains cannot be carried forward unless the return of loss is submitted on or before the due date mentioned under section 139(1).
Filing of return of loss within the due date is necessary for carry forward or losses under sec. 72(1), 73(2), 74(1), 74(3) and 74A(3). It does not cover Sec. 71B ie. carry forward and set off loss of house property.
Therefore, loss on account of house property can be carried forward even if the return is submitted late.
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