Hi I am bit confused on Income/loss from hous property
I have 2 Properties Jointly with my Mother. I was claiming 100% rebate on interest as follows:
Until 2016-17, my tax calculations were as follows
1. I claimed HRA exemption as I stayed in rental property -as I was staying in the different city than where I have my property
2. Self-Occupied on Property 1 -My mom stayed here. -I use to adjust interest upto 2,00,000 this property
3. Letout - Income/Loss on Poperty 2 -I use to offset interest on this property against rental
From 2017-18, as per new rule, maximum offset for item 3 is only 2,00,000 including for self occupied. So all my losses are getting carried forward for subsequent years.
My confusion is:
Should I continue ot accumulate losses so that at some point if/when I sell the property, I can offset income from sale proceedings against these losses
Or
Should I start filing return on my moms showing rental income in her name and adjusting against interest.
CAclubindia
