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Set off of Loss from House Property against Salary

tushar jain (Service) (107 Points)

31 July 2007

If the house property is let out, and there is loss from such house property due to higher interest rates.

Then can such loss be set off against the salary income

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14 Replies

Srivathsan Rangarajan (Chartered Accountant) (66 Points)
Replied 31 July 2007

I believe there is no restriction on the set off of loss from house property against any other income the same assessment year. Similarly the amendment by the finance act 2004 prohibits only business losses from being set off against salary income. Thus on a conjoint reading of sections 70, 71 and 72, there is no restriction on the set off of loss from house property against the salary income.

1 Like

Rajesh Bajaj (433 Points)
Replied 31 July 2007

yes u can set off this from salary

1 Like

Vijay (CA) (58 Points)
Replied 31 July 2007

Dear Friend, As per Income Tax Act You can set off loss from house property from salary Income.

1 Like

Vijay (CA) (58 Points)
Replied 31 July 2007

Dear Friend You can set off loss generated under the head Income from House Property against your salary Income. You can also give details of Interest on housing loan to your employer and accordingly your TDS will be deducted after deducting interest expenses from salary income.

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(Guest)

H-P loss can be setoff from other heads in the year in which loss arised, but carry forward H-P loss should be setoff from H-P income only in further years

1 Like

aca.chand.bagaria (Chartered accountant) (42 Points)
Replied 01 August 2007

yes, you can setoff the loss resulting on account of interest on loan taken for house proprty with Salary income. I am sure you are taking princial payment of house loan under sec80C

aca.chand.bagaria (Chartered accountant) (42 Points)
Replied 01 August 2007

yes, you can setoff the loss resulting on account of interest on loan taken for house proprty with Salary income. I am sure you are taking princial payment of house loan under sec80C

1 Like

Smitha (CA Final) (29 Points)
Replied 01 August 2007

yes u can set off let out house property against ur salary income.

1 Like

(Guest)

Undoubtedly, pursuant to the provisions of Income Tax Act, Loss from a house property can be set-off against income under head "Salary". Moreover Loss from house property can be set-off against income under any head in that year. If there is no income or a loss under other heads of income, then such loss should be carried forward to future years for set-off against Income from house property only upto a maximum of 8 years.

1 Like

Gautam (student) (92 Points)
Replied 12 August 2007

But ITR on line forms Software s not showing that loss deducted from total income of the assess why is it so?????

Gautam (student) (92 Points)
Replied 12 August 2007

why is it so??????

(Guest)

In the new online ITR-2 form, where should I mention the Pre-EMI loss due to house property (which is supposed to be deducted from income @ 1/5th for 5 consecutive years) ? Should this be all added up with the regular year loss due to house property ? In that case, can the total amount be mentioned if it comes to be greater than 1.5 Lakhs ? Or should this be mentioned somewhere in CYLA-BFLA ? This is confusing, please explain.

LALIT KUMAR (Senior Auditor) (24 Points)
Replied 27 March 2016

Dear members,

I want to konw that loss from house property in F.Y. 2013-14 can be set off against salary income in same year, if we are filing the return in MARCH 2016.

Lalit Kumar, 8802156914