Hi,
I would like to know that, I heard about setting off loss from house property for 8 succeeding years.
I've paid interest amounting to 4.5 lakhs an year for a house property as loan repayment. As per IT act, provision is there only to show 2 lakhs for an year for a house property.
I'd like to know in the succeeding years, when the interest goes down below 2 lakhs, can I carry forward the loss and set it off consolidating it to 2 lakhs in the succeeding years?
Please reply at the earliest instance.
Thanks & Regards,
Riyaz.
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Loss from house property.
Replies (2)
Hi Riyaz, I don't understand your query properly.can you plz explain in detail?
whatever loss remains unabsorbed to the extent of 2lacs each year need to be carried forward upto 8 a.ys. suppose in first year say loss of 50000 remains unabsorbed it will get carried forward. again in next year loss of 40000 remains unabsorbed then total loss carried forward would be 90000 subject to previous years loss getting setoff. you cannot consolidate on your own. it will get accumulated year by year and it needs to be set off against any taxable income from house property
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