Hello. I have almost 10 lakhs of accumulated house property losses from prior years. In the current year, I have made a profit on Income from House property - about Rs. 1 lakh. Every efiling software that I tried offsets the income of 1 lakh by bringing forward the losses from earlier years. So now my accumulated losses after offsetting is Rs.9 lakhs.
My question is: Is it mandatory to bring forward the losses from prior years to offset current income from house property? Do I have a choice to not bring foward these losses? My taxable income is below 2.5 lakhs, so my tax liability is zero in any case. So it makes no sense to bring forward and use up all the losses without any concrete tax savings. The losses may be better used in the future when my income goes above the permissible limit of 2.5 or 3 lakhs.
Would appreciate your advice on this issue. Thanks in advance.
CAclubindia
