Can I set-off loss from house property against income from any other source? If so, what's the amount I can set off and in which schedule of ITR-2 can I show?
Also, can I take the prevailing "Circle Rate"(of the area of my sold house) as the basis against actual consideration value of House property, for assessing the HP loss?
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Loss set off from sale of House property
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On reading your query, it seems you have sold the house property and have generated loss. This type of loss is 'Capital loss' which comes under the head 'Capital gain' and not under 'House property loss'.
If the property was held for more than 2 years, it will be a Long Term Capital loss. If it is held for less than or equal to 2 years, it will a Short Term Capital loss. The long term capital loss can be setoff against only long term capital gain. The short term capital loss can be setoff against short term capital gain or long term capital gain.
The calculation of capital gain will be as per Sec 50C wherein Stamp Duty Value(SDV) of the property and sales consideration analysis needs to be considered.
Kindly consult a tax expert/CA to get it done as it needs expert advice.
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