Please tell me regarding the set off of Loss from House property against Salary Income. Is it only the Interest portion of Self-occupied property can be set off? Or the limit of 150000/30000 applies to the entire Loss from House Property? For let-out property , the entire Loss can be claimed, rite?
Also if no Loan is Taken, the what is the set off limit for Self Occupied property?
The reason for loss under the head is Interest only. No other expenditure can be claimed under this head except Standard Deduction.
Standard Deduction will be > or = Zero.
However, therotically any loss under the head IFHP can be set off against current year's salary income.
And you are absolutely right i asserting that for Let Out Property - interest amount upto the entire salary income can be set off.
In case no loan is availed there will be NIL amount of loss as interest will be NIL and as such set off is not required.
agree with paras sir
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