Lohp - second home - interest loss carry forward

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Viswa nath

Sales professional

84 Points Joined July 2018

LOHP Scenario : Second home - Rent out.

1. For FY 2017-18 ITR2 return, can we specify the interest paid above 2 Lakhs as carry forward. Where to specify this in ITR2? (Say 350,00 loss CF from 2.35 lakh LOPH)

2. For FY 2018-19 : If the itnterest paid < 2Lakhs, can I consider the prev year loss in point 1. Say if 2018-19 LOHP is 1.65 Lakh, can I include the 35000 loss from previous year.

3. Whether the company deducting TDS should consider such carry forward adjustment before TDS, or the assesse need to claim thorugh IT return only.

3. Is carry forward interest above 2 Lakh allowed for borrowing loan for second home.

Thank you.

Replies (4)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

209867 Points Joined July 2016

1. It is auto calculated, when you fill interest paid for the property under schedule HP.

2. Yes, it is allowed

3. Depends upon previous year data available with employer.

Viswa nath

Sales professional

84 Points Joined July 2018

Thank you Sir,

Also please clarify, carryforward above 2Lakhs LOHP is allowed for second home.

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

209867 Points Joined July 2016

Yes, carry forward of excess loss from head "Income From House Property"' after set off upto 2 lakhs from other heads of income; is allowed for adjustment against future income from same head of income upto 8 years.

It is not just for second home or first home; but fom aggregate loss from the head.

Viswa nath

Sales professional

84 Points Joined July 2018

Sir,

I have 35000 from house property loss from previous year (BFLA). I have specified this amount in ITR2 - CFL sheet in 2018-19.

However this is not appearing in CYLA/BFLA & this sheet is not editable.

1. Is it not appearing in BFLA, since I have already have entered house property loss(interest) of 1.2 Lakhs in current year.?

2.So should I carry forward this 35K in CFL for this year as well, and whenever I have any income from HP, in any future year, then only I could set off this HP BFL of 35K.

3.Hope this would happen once I have paid my housing loan interest & have rental income only, resulting in +ve amount.

4. Also income from selling home also will not appear in 'house property sheet', to set off this 35K BFL.