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Income from house property

Tax queries 461 views 4 replies

Riddhi Maheshwari

Student CA Final

48 Points Joined December 2013

Dear Sir / Ma'am,

Please can you clarify my following query:

Can we carry forward loss from house property even if we are not filling return on time?? If yes please give me reference also..

Replies (4)

Manoj Mehta

Head Of Department (Accounts & Finance)

1479 Points Joined March 2009

Dear Riddhi you have to file your return to carry forward of losses from house property Becouse when you will file your I.t return you have to fill the details of that return in carry forwrd loasses schedule.

Manoj Mehta

Head Of Department (Accounts & Finance)

1479 Points Joined March 2009

Please consider spelling error as I am replying from my phone.:)

CA Saroj Kumar

Keen to learn something new every moment

2588 Points Joined June 2010

This provision is governed by the section 71B of income tax.. which deals that Loss from House property can be carry forwarded upto 8 year even if the income tax return is not filled within time.

In terms of Section 80, the losses other than depreciation & house property loss can be carried forward only if determined in pursuance of the return filed within the time prescribed u/s. 139(1). However in case return is filed late CBDT has a power to condone delay – Circular No. 8/2001 dt 16-05-2001.