Set off of losses against income from salary?????
This query is : Resolved
31 March 2012
can loss under the head house property be set off against income under the head salary???
31 March 2012
Yes, it can be set off against the Head Income from Salary"
08 April 2012
I believe there is no restriction on the set off of loss from house property against any other income the same assessment year. Similarly the amendment by the finance act 2004 prohibits only business losses from being set off against salary income. Thus on a conjoint reading of sections 70, 71 and 72, there is no restriction on the set off of loss from house property against the salary income. But it is restricted only for the year and brought forward losses if it is b/f then it is not permitted
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