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Negative Income from House property

Ashish (Director) (65 Points)

19 April 2011

A client is having two properties in Gurgaon, One for self use and other given on rent ( taken a home loan ) . On the let out property home loan is going on so there is a negative income from house property . but the comapny is not giving benefit of negative income.Is the company right in doing so????

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6 Replies

Paresh Rathod (CA) (222 Points)
Replied 19 April 2011

As per my view Compnay have to give effect of Income from House property while preparing Salary Certificate.

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Shriram Ramachandran (IPCC Student CWA Inter & Processing officer in GNSA Infotech Ltd) (492 Points)
Replied 19 April 2011

Dear Sir I agree with Paresh Rathod

But u can show it in ur return & u can get refund from IT for the excess TDS dedudcted from u.

Thanks

R Shriram.

DIVYA PINCHA (ASSISTANT MANAGER:MERCHANT BANKING) (537 Points)
Replied 19 April 2011

Your current loss from HP can be setoff against any head of income...if there is no other income..then carry forward to the next year....

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Srihari Manipatruni (student) (147 Points)
Replied 19 April 2011

yes..loss from house property can be set off aganist any head of income..if ther is no other income then it can be carryforward to subsequent year...

PRADEEP REDDY (CHARTERED ACCOUNTANT) (664 Points)
Replied 19 April 2011

hello sir ,yes the company is not correct.it should show the effect of negative income in salary slip.you can file return and claim the refund .loss from house property can be set off against any income

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U S Sharma (glidor@gmail.com) (21056 Points)
Replied 19 April 2011

Originally posted by : Ashish
	A client is having two properties in Gurgaon, One for self use and other given on rent ( taken a home loan ) . On the let out property home loan is going on so there is a negative income from house property . but the comapny is not giving benefit of negative income.Is the company right in doing so????