HP Loss

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12 Points Posted on 14 August 2023
FY 2021-22 ( AY 2022-23 ) ka return file kia tha jisme HP Loss around 1.36L hai and CYLA me bhi wo loss aaya tha but after filing of ITR HP Head me Loss 0 ho gaya but CYLA me wo 1.36L show kr rhaa

now notice issue hua hai and as per IT wo loss consider nai kia and demand notice issue kar dia

what to do now ?
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On 14 August 2023 at 23:49 Report
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Quick Summary
A user filed their Income Tax Return for FY 2021-22, reporting a House Property (HP) loss of around £1.36 lakh. While this loss was carried forward (CYLA), it was incorrectly shown as zero in the HP head of the return. This has led to a demand notice from the IT department. The user is seeking advice on how to rectify this discrepancy, as the loss appears in the carry forward table but wasn't captured correctly in the HP income calculation.

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CFO- at NHTF
58280 Points Posted on 14 August 2023
Check the carry forward table of losses
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On 14 August 2023 at 23:58
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12 Points Posted on 15 August 2023
Carry fwd of losses ke table me dikh raha but due to some issue or mistake IFHP me capture nhi hua h
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On 15 August 2023 at 00:00
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CFO- at NHTF
58280 Points Posted on 15 August 2023
Might be Income from HP is zero instead of negative
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On 15 August 2023 at 00:04
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12 Points Posted on 15 August 2023
Actually its interest on home loan of current year
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On 15 August 2023 at 00:04
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CFO- at NHTF
58280 Points Posted on 15 August 2023
Was it adjusted against any other sources of income?
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On 15 August 2023 at 00:05
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12 Points Posted on 15 August 2023
No there are only 2 heads of income one is PGBP and second is HP loss
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On 15 August 2023 at 00:06
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CFO- at NHTF
58280 Points Posted on 15 August 2023
Loss from house property would have set off against business income and that is why it should have been shown as zero
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On 15 August 2023 at 00:09
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12 Points Posted on 15 August 2023
But in that it should have a negative balance Loss from HP
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On 15 August 2023 at 00:21
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CFO- at NHTF
58280 Points Posted on 16 August 2023
Contact near by tax consultant and recheck once
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On 16 August 2023 at 21:17

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