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maximum loss can set off

santhuamma415@gmail.com (223 Points)

11 November 2018

What is maximum loss of house property can b set off against other heads ???

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Mayur Patil (Article) (1276 Points)
Replied 11 November 2018

Upto rs 200000. Remaining will be c/f and can be set off against same head

santhuamma415@gmail.com (223 Points)
Replied 11 November 2018

I understood but under which rule / section/ is stated please explain me clearly sir

Mayur Patil (Article) (1276 Points)
Replied 11 November 2018

Section 71b and FA[2017]

prasad Nilugal ( GST Practitioner & Accounts ) (14149 Points)
Replied 11 November 2018

I think against all heads you can set off please confirm ones again , I agree with amount 200000/- and unabsorbed loss can be carry forward for set in subsequent years

santhuamma415@gmail.com (223 Points)
Replied 11 November 2018

s i think it can b set off against other heads also sir mayur patil please once clear it

Mayur Patil (Article) (1276 Points)
Replied 11 November 2018

No sir if year is different then it can be set of against same head
Means c/f loss HP loss can't be setoff againt any head except HP gain

prasad Nilugal ( GST Practitioner & Accounts ) (14149 Points)
Replied 11 November 2018

Section 71 (3A) inserted finance act 2017 w.e.f 1/4/2018 please confirm

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santhuamma415@gmail.com (223 Points)
Replied 11 November 2018

Prasad nilugal sir ur true and loss frm HP can b set off against other heads only to the extent of 200000

Mayur Patil (Article) (1276 Points)
Replied 11 November 2018

Sir, you're right but I'm still confused

71B. Where for any assessment year the net result of computation under the head "Income from house property" is a loss to the assessee and such loss cannot be or is not wholly set off against income from any other head of income in accordance with the provisions of section 71, so much of the loss as has not been so set-off or where he has no income under any other head, the whole loss shall, subject to the other provisions of this Chapter, be carried forward to the following assessment yearand—

[i] be set off against the income from house property assessable for that assessment year; and

As per 71B(i) if it is c/f then set off against income from HP

rama krishnan (12234 Points)
Replied 11 November 2018

the amount of of deduction that can be claimed under 24(b) differs according to nature of property that is for self occupied property, the maximum interest amount that can be claimed is 200000.
in case of let out property, it depends upon amount of Net annual value
for example
if nav is 500000 and interest on borrowed capital is 750000, then interest of rs. 500000 can be claimed under 24(b) and out of balance 250000, 200000 can be set off against other heads and the balance 50000 can be carried forward

Nitesh bind (Student CA Final ) (12692 Points)
Replied 14 November 2018

The Loss of House Property:

1. For Current year (i.e. Set Off):-

It can be set off against ANY HEAD OF INCOME but maximum to the extent of Rs. 2,00,000/- (FA 2017).

2. For Future Years (i.e. Carry Forward and Set off):-

It can be carry forward and set off ONLY AGAINST HOUSE PROPERTY INCOME without any limit for total Upto 8 years.

Thanks.

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