Set off

whether income from house propoerty can be set off against salary?

Replies (23)

How? that means your income from salary is negative which is not possible any way.

Loss from House Property can be set-off against salary.

 

- Ruben Balooni

Yes , it can be set off.

 what was the point sanjay was raising?

Originally posted by : Sanjay Bag

How? that means your income from salary is negative which is not possible any way.

Sir Income includes NEGATIVE INCOME aslo. So Income from House Property shall be read as Loss from House Property.

 

- Ruben Balooni

Please see the summary of Set off and carried forward of losses:-

 

Set off and carry forward of losses at a glance

 

CARRY FORWARD & SET -OFF OF LOSSES:

Set-off
During the year

Carry Forward & Set - off Next year(s)

Filing of Return u/s 139(1) for carry forward mandatory

 

Same
Head

Another head

Against

C/F

Years

Agst Profits From

 

1. House Property

Yes

Yes

-

Yes

8 years

same head

No

2. Speculation Business

Yes

No

From Speculation
Profits

Yes

4 years

Same/ another
Speculation Business

Yes

Unabsorbed  Depreciation  / Cap Exp on SR

Yes

Yes

any
income

Yes

No limit

any income
(other than salary)

No

Non-speculative Business or Profession

Yes

Yes (except salary)

Any Business
Profits

Yes

8 years

same head

Yes

3. Long Term Capital Losses

Yes

No

LTCG

Yes

8 years

LTCG

Yes

Short Term Capital Losses

Yes

No

STCG/LTCG

Yes

8 years

STCG/LTCG

Yes

4. Owning / Maintaining race horses

Yes

No

same item

Yes

4 years

same item

Yes

5. Income from Other Sources (except if exempt)

Yes

Yes

NA

No

NA

NA

NA

6. Specified Business u/s 35AD

Yes

No

Specified Business
Profits

Yes

No Limit

Any  Specified Business

No

 

YES CAN BE SET OFF 

yes it can  be set off.

yes can be set off.

@ Rohit first read the question carefully then answer it and Ruben how can I assume a income as a loss. However, it is true that "Loss from House Property"  can be set off against " Income from Salary"..

@ sanjay. Lol i guess you are the one who couldnt understand the question properly and making the simple issue complicated.

Yes it can be done.

Originally posted by : Sanjay Bag

@ Rohit first read the question carefully then answer it and Ruben how can I assue a income as a loss> However, it is true that "Loss from House Property"  can be set off against " Income from Salary"..

Sir he/she was referring to the HEAD on Income and not a particular income under that head.

@ Rohit it is true that I am not genius like you who can understand the inner meaning of a word.

sanjay is not wrong.. actually the question is wrongly drafted...the question is "whether income from house property can be set off against salary" ... there is no need to set off any income.... losses are set off alright.... and yes house property loss can be set off against salary income.

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