Set off of losses against income from salary?????
This query is : Resolved
31 March 2012
can loss under the head house property be set off against income under the head salary???
31 March 2012
Yes, it can be set off against the Head Income from Salary"
08 April 2012
I believe there is no restriction on the set off of loss from house property against any other income the same assessment year. Similarly the amendment by the finance act 2004 prohibits only business losses from being set off against salary income. Thus on a conjoint reading of sections 70, 71 and 72, there is no restriction on the set off of loss from house property against the salary income. But it is restricted only for the year and brought forward losses if it is b/f then it is not permitted
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is Aadhar PAN linking required for opening bank account?
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Where to show the RCM on Rent paid to unregistered landlord
- RCM - commercial rent paid to URP under GST
- Gst Sales of FY 2023-24
- Payable outstanding for years disallowance
- GST Annual Returns filing due date
- Offsetting interest income against derivative trading losses
- SEC 54 OF IT ACT
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
