What does "Carry forward and Set off loss from House Property" mean?
If one did not claim the interest on house building loan u/s 24(b) in the earlier year can he claim the same under the head mentioned in the subject line?
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Carry forward and set off loss from house property
Replies (4)
With effect from the assessment year 2018-19, loss under the head “house property” shall be allowed to be set-off against any other head of income only to the extent of Rs. 2,00,000 for any assessment year.
However, unabsorbed loss shall be allowed to be carried forward for set-off in subsequent years as per the existing provisions of section 71B.
Such loss can be carried forward for eight years immediately succeeding the year in which the loss is incurred.
"If one did not claim the interest on house building loan u/s 24(b) in the earlier year can he claim the same under the head mentioned in the subject line?" NO.... (It will be treated as loss not claimed !!)
Thank you Sir
Most Welcome.......
I think... As per decision of various courts fault made by assessee can not be the reason for not allowing the loss.
Provided the same is made within reasonable period.
Provided the same is made within reasonable period.
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