There is a ceiling limit of 2,00,000 for set off of House property loss in a year. So, you can get a benefit of maximum 2,00,000 in the current year, balance can be carried forward to the next year
if it's let out property, you can claim deduction under 24(b) depending upon the income from house from house property. for example if the ifhp is 200000 and interest paid on borrowed capital is 400000 then you can deduct 200000 under 24(b) and the balance 200000 can be set off against other head of income. IN the same scenario, if ifhp is only 100000 then you will be able to set off only 2 lakhs and the balance 1 lakhs have to be carried forward
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