SET-OFF AND CARRY FORWARD OF LOSS FROM HOUSE PROPERTY [SECTION 71B]

SET-OFF AND CARRY FORWARD OF LOSS FROM HOUSE PROPERTY [SECTION 71B] 

(1)  In any assessment year, if there is a loss under the head ‘Income from house property’, such loss will FIRST be SET-OFF against income from any other head to the extent of ` 2,00,000 during the SAME year.

(2)  The unabsorbed loss will be carried forward to the following assessment year to be set-off against income under the head ‘Income from house property’.

(3)  The loss under this head is allowed to be carried forward upto 8 assessment years immediately succeeding the assessment year in which the loss was first computed.

(4)  It is to be remembered that once a particular loss is carried forward, it can be set off only against the income from the same head in the forthcoming assessment years.