Urgent c/f of house loss please

firstly you need calculate Gross total Income then afterwords it will be adjusted against carried forward losses then only Deduction are allowed maximum to net income i.e. you must carry your first approach

nice query

but going by the set off carry forward options you will have to set it off wholly against the income earned during this year.
See as per the carry forward mechanism you will have set off the losses of the previous year against this year income under the same head.

Here you donot have the luxury of using the losses 'whenever I want' basis.

Hence you have to claim Rs.350000 only.

As per set off & carry forward provisions u/s 70 to 80 

U must opt first approach  !

You have to set off  losses and thereafter only you can claim deductions under chapter VI .

as far as set of  provisions are concerned there are 2 types of adjustments they are

1. intra head adjustment .

2.inter head adjustment..

while calculating the gross income only these adjustments should be done.......after calculating gross income we have to give deduction u/s 80c to 80u and BEL

so 1st one is correct...

Thanks Everyone,

So I Guess his IT Calculations for F.Y 2010-2011 will be as follows:

Rent Received:                             Rs. 5,00,000

Deduction u/s 24(a) @ 30%    Rs. 1,50,000

Income from HP:                        Rs. 3,50,000

Less: C/F Loss adjusted:            Rs. 3,50,000

GTI:                                                           NIL

Ded u/s 80C Rs. 1,00,000/- (Cannot be claimed as GTI is NIL)

Tax Status Refund to be claimed of TDS on Rent

Partial set off is not allowed. You should adopt first method.