whether income from house propoerty can be set off against salary?
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Set off
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 |
Carry Forward & Set - off Next year(s) |
Filing of Return u/s 139(1) for carry forward mandatory |
||||
|
Same |
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 |
Yes |
4 years |
Same/ another |
Yes |
|
Unabsorbed Depreciation / Cap Exp on SR |
Yes |
Yes |
any |
Yes |
No limit |
any income |
No |
|
Non-speculative Business or Profession |
Yes |
Yes (except salary) |
Any Business |
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 |
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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