Set off of loss from hp

This query is : Resolved

PRIYANKA (Querist)
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14 December 2011 I have rental income from house property.I charge depreciation on such property but do not claim it bcoz it is not allowable under IT Act,1961.Now the building fell and I suffered a loss.What type of loss would this be and can it be set off against business income???

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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14 December 2011 The loss arising on destruction of the building is a loss under the head "Income from House Property".

Such loss can be set-off against any income, including business income.

Guest

Guest (Expert)

14 December 2011 I guess it is not loss under IFHP, it should be part of drawings.

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CA VISHAL RANA,CS,B.Com,AMFI

CA VISHAL RANA,CS,B.Com,AMFI (Expert)
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14 December 2011 Agree with Neha jain

Because house property loss means loss become due to higher payments of municipal taxes,deduction of interest on loan u/s 24 B in let out case.

or in case of self occupied house loss due to interest deduction u/s 24B.

fall in the value of HP due to depreciation or from any other reason can't be considered loss from house property.