vishal malviya (Student CS) (29 Points)
24 November 2016
sanjith kotni
(Articled assistant)
(663 Points)
Replied 24 November 2016
Vishal Varun
(Student)
(648 Points)
Replied 24 November 2016
RAJESH SHARMA
(PAST CA FACULTY MEMBER AT NIFA INFOCOMP SERVICES PVT LTD)
(104 Points)
Replied 25 November 2016
The Loss from House Property is allowed to be set-off against any other Income arising during the same year. Therefore, if there is a loss under head House Property, and there is Income under any of the other 5 heads of Income i.e. Salary/ House Property/ Business or Profession/ Capital Gains/ Other Sources, this loss from House Property can be adjusted against such income.
The net income so computed after set-off of Loss under head House Property would be taxable as per the Income Tax Slabs
In case the Loss from House Property has not been adjusted in the same year, such loss will be carried forward to the next year and allowed to be set off with income arising other the same head i.e. House Property.
It should be noted while setting off the Loss under head House Property in the same year, it can be set-off with any other head of income but in case the loss is being carried forward to the next assessment year, it can only be set-off against incomes arising under the same head i.e. Income from House Property only.
Such Loss from House Property is allowed to be carried forward for a maximum of 8 assessment years. Such carry forward of Loss would be required to be shown in the Income Tax Return.
CA VIRAL SANGHVI
(Finance head)
(681 Points)
Replied 25 November 2016
Hi,
You can adjust the house property loss against any head of income in the same financial year and if carried forward than from next year it can be adjusted against house property income only provided you have to file income tax return within time limit.
CAclubindia
