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
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