Hi frnds, can current yr house property loss can be set off with current yr business profit, if the return is filied after the due date.
13 Replies
Harie
(student)
(148 Points)
Replied 04 December 2010
Hi Divya!
yes, current year hp loss can be set off against any heads of income and hence it can be done..
Regards
- Harie
(Guest)
| Originally posted by : harie | ||
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Hi Divya! yes, current year hp loss can be set off against any heads of income and hence it can be done.. Regards - Harie |
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CA Ayush Agarwal
(Kolkata-Pune-Mumbai)
(27199 Points)
Replied 04 December 2010
Look Dear Divya .......
Return Filling Criteria For Only Carry Forwarding Lossess...........
& Return Filling is Not Compuls For Inter Head Adjusment.
So It Can Be Adjusted.
Santhosh Poojary
(SIEMPRE AHÍ PARA TI)
(15607 Points)
Replied 04 December 2010
| Originally posted by : AYUSH AGRAWAL | ||
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Look Dear Divya ....... Return Filling Criteria For Only Carry Forwarding Lossess........... & Return Filling is Not Compuls For Inter Head Adjusment. So It Can Be Adjusted. |
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Agree with ayush
M .K. Jha
(CA Final)
(484 Points)
Replied 04 December 2010
HP Losses can be setoff against any income except winning and lotteries even Salaries....
CA Bhupinder Arora
(Accounts Executive)
(76 Points)
Replied 04 December 2010
Loss under the head house property can be set- off against any heads of income even after due date. As per Section 139(3) read with section 80 the loss can be set off and carry forward only if return should be filled under section 139(1).
But loss under the head house property can be set - off in later years as well, there is no restriction to file the return on time under section 139(1).
Therefore, loss under the head house property can be set-off with business income even after the due date.
(Guest)
| Originally posted by : Bhupinder | ||
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Loss under the head house property can be set- off against any heads of income even after due date. As per Section 139(3) read with section 80 the loss can be set off and carry forward only if return should be filled under section 139(1). But loss under the head house property can be set - off in later years as well, there is no restriction to file the return on time under section 139(1). Therefore, loss under the head house property can be set-off with business income even after the due date. |
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agreed
Resham
(Carpe Diem !!!)
(6535 Points)
Replied 04 December 2010
| Originally posted by : Bhupinder | ||
|
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Loss under the head house property can be set- off against any heads of income even after due date. As per Section 139(3) read with section 80 the loss can be set off and carry forward only if return should be filled under section 139(1). But loss under the head house property can be set - off in later years as well, there is no restriction to file the return on time under section 139(1). Therefore, loss under the head house property can be set-off with business income even after the due date. |
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Pradip Narsingani
(Income Tax & GST Consultant/ CA-Final)
(572 Points)
Replied 05 December 2010
totally agree with harie.
CA Deepesh Ruhela
(Keen to Learn)
(3271 Points)
Replied 06 December 2010
| Originally posted by : Bhupinder | ||
 |
Loss under the head house property can be set- off against any heads of income even after due date. As per Section 139(3) read with section 80 the loss can be set off and carry forward only if return should be filled under section 139(1). But loss under the head house property can be set - off in later years as well, there is no restriction to file the return on time under section 139(1). Therefore, loss under the head house property can be set-off with business income even after the due date. |
 |
agreed
Bharat Khurana
(Student)
(153 Points)
Replied 13 December 2010
There is no prohobition on set off of current years losses against current year's income The prohobition is only for carry forward. So loss canbe set off even if return is filed late
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