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House property loss

Raj Kumar Shaw (Partner) (37 Points)

26 May 2011

Can i request my empolyer to set off the loss from one self occupied house property and another let out house property from my salary income

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16 Replies

Dhawal Mohnot (Practicing) (449 Points)
Replied 26 May 2011

no loss can be set off against salary income.

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CA NITUL MEHTA (KPMG-Senior Consultant-International Tax ) (236 Points)
Replied 26 May 2011

YES DEFINATLY INFACT UNDER SECTION 192A OR B THE ONLY HEAD WHICH EMPLOYER CAN CONSIDER IN FROM 16 WHEN THERE IS A LOSS IS IHP , IN OTHER HEADS OF INCOME IF THERE IS A LOSS EMPLOYER CAN NOT CONSIDER IT IN FORM 16 SO YOU CAN DEFINATLY DO ALL THE ADJUSTMENTS THRU YOUR EMPLOYER IN IHP.

CA NITUL MEHTA (KPMG-Senior Consultant-International Tax ) (236 Points)
Replied 26 May 2011

DHAWAL IS WRONG IN THIS CASE SALARY INCOME CAN NOT BE SET OFF JUST AGAINST BUSINESS INCOME.

Dhawal Mohnot (Practicing) (449 Points)
Replied 26 May 2011

Mr.Nimit Mehta is right. Sorry for the wrong info.

Arvind Sharma (ACA) (1432 Points)
Replied 26 May 2011

ya.. the same can be set off against income under any head....

The provision of Income Tax Act on this is as below:-

Sec 71A

Transitional provisions for set off of loss under the head “Income from house property

Where in respect of the assessment year commencing on the 1st day of April, 1993 or the 1st day of April, 1994, the net result of the computation under the head “Income from house property” is a loss, such loss in so far as it relates to interest on borrowed capital referred to in clause (vi) of sub-section (1) of section 24 and to the extent it has not been set off shall be carried forward and set off in the assessment year commencing on the 1st day of April, 1995, and the balance, if any, in the assessment year commencing on the 1st day of April, 1996, against the income under any head.]

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Mehul Jain (ROC and R&D Executive) (59 Points)
Replied 26 May 2011

Yes it can be set off by the employer under section 192 related to TDS. This loss can be set- off while calculating TDS by both the methods.

sristi srivastava (COST ACCOUNTANT) (113 Points)
Replied 26 May 2011

House property loss can be set off against salary income,this is vry clearly specified in the chapter of set off & carry forward of losses.

Pawan Kr. Tomar (CA) (169 Points)
Replied 26 May 2011

Yes House property loss can be set off from salary income

CA ADITYA SHARMA (CA IN PRACTICE ) (16719 Points)
Replied 26 May 2011

yes it can be set off

Pavan Bharadwaj (Practicing Chartered Accountant) (353 Points)
Replied 26 May 2011

Only loss from house property income can be set off with salary income. So, you can set off it.

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CA Rakesh Garg (Asst. MGR Taxation) (510 Points)
Replied 27 May 2011

yes, dat s right. hp loss can be set off agst salary income

Amit Surana (Student CA/CS-Professional) (268 Points)
Replied 27 May 2011

Yes it can be setoff against salary.........

nitish pawar (article..) (176 Points)
Replied 27 May 2011

yes...house property loss shold be set off...

HARDIK PANDHI (Article Assistant) (21 Points)
Replied 27 May 2011

yes u can request ur employer for setting off of House property loss againts salary income U/s.71 . w.e.f A.Y 2005-06 no bussiness loss can be set off againts salary income. but there is no restriction in settin off of HP loss.