Sub section 3 A has been inserted under sec 71 of IT act wef 1.4.18 and loss from house property has now been restricted to Rs 2 lakh in case ofhouse let out.Prior to 2018 ,full loss was exempted from Income tax and I had availed loan for building my house in 2014 and availed loss of Rs 10 lakh for 2014-15 to 20117-18 but now it is being restricted to Rs 2 lac as in case of self occupied property.
What is my fault and why this ammendment is applied to me as I had raised the loan prior to 1.4.18 and I was under the impression that it is a long term provision as housing loans are long term projects and Govt itself givesloan to its employees for 20 year or so and so the banks.
With the sub section 3A ,income at my hand after paying income tax is very low.Can I challange it in Court that it is sort of breach of promise on part of Income Tax Department
CAclubindia
