Set off of loss from hp

Save Share

This query is : Resolved

PRIYANKA (Querist)
Follow

14 December 2011 I have rental income from house property.I charge depreciation on such property but do not claim it bcoz it is not allowable under IT Act,1961.Now the building fell and I suffered a loss.What type of loss would this be and can it be set off against business income???

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

14 December 2011 The loss arising on destruction of the building is a loss under the head "Income from House Property".

Such loss can be set-off against any income, including business income.

Guest

Guest (Expert)

14 December 2011 I guess it is not loss under IFHP, it should be part of drawings.

CA VISHAL RANA,CS,B.Com,AMFI

CA VISHAL RANA,CS,B.Com,AMFI (Expert)
Follow

14 December 2011 Agree with Neha jain

Because house property loss means loss become due to higher payments of municipal taxes,deduction of interest on loan u/s 24 B in let out case.

or in case of self occupied house loss due to interest deduction u/s 24B.

fall in the value of HP due to depreciation or from any other reason can't be considered loss from house property.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now