House property loss of the current year set off

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 December 2016 Dear Experts.,

I Have a doubt for 'House property loss of the Current Year Set Off'...?
Please reply Any One...
Thanks in ADVANCE...

I saw a ITR paper for a Couple. They have home loan. Both are filing his ITR and Taken Deduction HL Interest Rs. 135357/-. The same amount Rs.135357/- posted Their ITR 4 have 'House property loss of the Current Year set off' column . My doubts are.,

1. What are the reasons HL Interest to be Loses set off...?
2. Who get this Loses set off...?
3. Why the HL Repayment Interest to C/F to Loses...?

Sangam Kothari

Sangam Kothari (Expert)
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28 December 2016 Loss under income from house property can be set off against income under any other head(income not losses of other head) in the current year only and can not be forwarded as losses from business and profession. And losses form house property can be carry forwarded for 8 years but from the next year it can be adjusted against income from hp only...

Querist : Anonymous

Querist : Anonymous (Querist)

28 December 2016 Thank you Sir.,

Thank you for the reply.,

When we have shown the House in Fixed asset...? and
Which column we show the House in ITR4

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Sangam Kothari

Sangam Kothari (Expert)
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28 December 2016 If it is shown under Fixed asset rental income under such cases can not be taken under income from house property as
"The following three conditions must be satisfied before the income of the property can be
taxed under the head “Income from House Property”:
 The property must consist of buildings and lands appurtenant thereto;
 The assessee must be the owner of such house property;
 The property may be used for any purpose, but it should not be used by the owner for
the purpose of any business or profession carried on by him, the profit of which is chargeable
to tax. If the property is used for own business or profession, it shall not be chargeable to tax.
Ownership includes both free-hold and lease-hold rights and also includes deemed ownership "

Querist : Anonymous

Querist : Anonymous (Querist)

28 December 2016 Thank You SIR.,
1. What is the meaning this in ITR 4 "Asset and Liability at the end of the year (other than those included in Part A – BS) (Applicable in a case where total income exceeds Rs. 50 lakh)"
2. If a assessee having business Turn Over Rs. 10 to 15L. He shown his House in this Column. If Yes, Which column and hoe to calculate the Value...

Pleas Reply SIR.

Querist : Anonymous

Querist : Anonymous (Querist)

28 December 2016 Meaning for Total income exceeds Rs.50L.
The income means which way...?