Mohan Kumar (Others) (49 Points)
27 December 2014Sir,
In 2013 I was not in India and was not having Salary Income. I had only rental income in india (for the flat which I
rented out in Chennai). so 2013 return had loss of income from house property of Rs 1 lakh. I was told by my consultant
that I can adjust this against income in 2014 onwards. But while filing 2014 return he mentioned that the loss of income of
2013 can be adjusted only against income from house property and not against salary income of 2014. Is this the case.
Kindly help
Pranjal Mittal
(Student)
(90 Points)
Replied 27 December 2014
Kavyaa
(Budding CA)
(107 Points)
Replied 27 December 2014
Dear Mohan,
The house propety loss of 2013 can be set off against any other income of the same year. Since you did not have any other income in 2013, it could not be set off.
The same loss can be set off only against house propety income in subsequent years. Therefore, in 2014, since you didn't have house propety income in 2014 it could not be set off.
Mukesh Kumar Singh
(CA-FINAL)
(4094 Points)
Replied 28 December 2014
| Originally posted by : Kavyaa Gunalan | ||
 |
Dear Mohan, The house propety loss of 2013 can be set off against any other income of the same year. Since you did not have any other income in 2013, it could not be set off. The same loss can be set off only against house propety income in subsequent years. Therefore, in 2014, since you didn't have house propety income in 2014 it could not be set off. |
 |
Totally agreed
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
