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Long term capital loss from house property sale Setoff/ carryforward

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Viswa nath

Sales professional

73 Points Posted on 27 July 2024

Can we setoff Long term capital loss from house property sale against the Rental income from second property in the same year and subsequent years.
Canwe setoff Long term capital loss from house property sale against the Salary income in current year and subsequent years. If so Will this reduce our next taxable income?

3. Hope LTCG/loss of house property cannot be setoff/carry forward in new regime.

Can we setoff the long term loss from house sale in next year in old regeime, if we select New in current year ?

4. Are the entire long term losses (house) accumulated prior year(s) and current year, will be wiped off, if we have selected new regime once in any point of time?

Thanks

Replies (3)

Quick Summary

This discussion explores the rules around setting off and carrying forward long-term capital losses incurred from selling a house property. It questions whether these losses can be offset against rental income or salary in the same or subsequent years, and how this impacts taxable income. A key concern is the effect of choosing the new tax regime on the ability to carry forward accumulated losses from previous years.