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Set off loss

santhuamma415@gmail.com (223 Points)

11 November 2018

house property loss can b set off against any income except salary even speculative income

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14 Replies

Baddy Mittal (52 Points)
Replied 11 November 2018

house propertyloss can be setoff against salary pgbp and salary cant be set off against each other

1 Like

Saikrishna S (119 Points)
Replied 11 November 2018

IFHP loss can be set off even against Salary

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

house property loss carry fwd then it can set off against?

Baddy Mittal (52 Points)
Replied 11 November 2018

if hp loss carry forward then it can be setoff against only hp

1 Like

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

Dear, baddy Mittal you're true that's what I'm saying

1 Like

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

mam so sumup house property loss can be set of agnist pgbp, salary and c/f loss can be only against IFHP

Baddy Mittal (52 Points)
Replied 11 November 2018

yes absolutelly

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

but in finance act 2017 w.e.f 1-4-2018 HP LOSS CAN B SET OFF AGNIST ANY HEAD UP TO MAXIMUM OF 200000 WITH OTHER HEADS OF INCOME

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

Refer this sec with sec71B(i)

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

Sir u please see notification under finance act 2017 that c/f loss IFHP can be set off agnist other heads also up to 200000

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

Sir, i referred that as per my understanding such provision saying about setoff loss of current assessment year
Treatment regarding Setoff c/f loss of hp given in sec 71B(i)
In spite of that I'll confirm it with my senior articles as well with sir under whom my articleship going on

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

badly mittal mam ur correct but small correction loss frm HP can setoff agnist salary income but to extent of 200000 only

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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