Carry forward loss of income

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Mohan Kumar

Others

34 Points Posted on 27 December 2014

Sir,

In 2013 I was not in India and was not having Salary Income. I had only rental income in india (for the flat which I

rented out in Chennai). so 2013 return had loss of income from house property of Rs 1 lakh. I was told by my consultant

that I can adjust this against income in 2014 onwards. But while filing 2014 return he mentioned that the loss of income of

2013 can be adjusted only against income from house property and not against salary income of 2014. Is this the case.

Kindly help

Replies (4)

Pranjal Mittal

Student

85 Points Posted on 27 December 2014

Yes loss of house property cannot be set off against salary however if you have business loss then you can set off the same

Kavyaa

Budding CA

89 Points Posted on 27 December 2014

Dear Mohan,

The house propety loss of 2013 can be set off against any other income of the same year. Since you did not have any other income in 2013, it could not be set off.

The same loss can be set off only against house propety income in subsequent years. Therefore, in 2014, since you didn't have house propety income in 2014 it could not be set off.

aymanshuaib

employee

23 Points Posted on 28 December 2014

Yes, I agree with above answer

Mukesh Kumar Singh

CA-FINAL

3582 Points Posted on 28 December 2014

Originally posted by : Kavyaa Gunalan
	Dear Mohan, The house propety loss of 2013 can be set off against any other income of the same year. Since you did not have any other income in 2013, it could not be set off. The same loss can be set off only against house propety income in subsequent years. Therefore, in 2014, since you didn't have house propety income in 2014 it could not be set off.