House property loss

19 November 2018

whether unabsorbed carried forward house property loss can be set off against any head of income

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7 Replies

Mayur Patil (Article) (1276 Points)
Replied 19 November 2018

C/f house property loss can be setoff against income from house property only.

Anjali P Nair (ACA,ACMA) (582 Points)
Replied 19 November 2018

As per the provisions of section 71 B of Income Tax Act 1961, carryforwarded HP Loss can be adjusted only against Income From HP.

But Loss under HP can be setoff against any other heads of income during the year in which it is incurred.

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Pradhyumn Wangujar (12 Points)
Replied 19 November 2018

any carry forward loss only can set off by same head.

Kritika Shetty (accounts) (311 Points)
Replied 19 November 2018

No. Unabsorbed carry forward losses u/h. house property can be set off under same head. It can be carried forwarded for 8 years.

P.GANESAN (Accounts & Audit) (53 Points)
Replied 19 November 2018

Dear Friends,

Anybody facing problem with Income Tax website ?...

soma chandrika sangoju (0) (96 Points)
Replied 19 November 2018

We are able to setoff up to ₹2lakhs in the year in which the loss is incurred.Its a recent amendment

Kapil Singh (70 Points)
Replied 20 November 2018

no it can be setoff only from the same head of income and not from other head of income upto Rs 200000

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