PALASH (Nothing) (2000 Points)
11 August 2014Respected members,,
Can I adjust HP loss against Salary Income of an individual ( as one of my clients is a salaried employee ) after due date of return filing ( ( i.e, 31/07/2014 for A.Y 2014-2015 ) ?
And tell me maximum amount of loss on HP ALSO ..
Thanks
CA Krishna Chaitanya M
(Chartered Accountant)
(463 Points)
Replied 11 August 2014
Yes, Hp loss can adjust against salary income,even after due date of filing return of income is over. for self occupied property maximum amount of loss deductable (interest on capital borrowed ) 150000 on satisfying certain conditions, in case of let out property there is no limit on interest amount deductable , however if hp loss exceeds salary income, then carryforward of such excess hp loss to succeeding years is available only on filing of return of income within due date.
Saurabh Maheshwari
(B.com,ACA)
(5923 Points)
Replied 11 August 2014
Yes agree with Chaitanya.....
Because the losses can be set off against income even if ROI is belated ....the restriction of Sec 80 read with Sec 139(3) is only w.r.t carry forward of loss which could not be set off
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