arun bahl (mr) (29 Points)
06 July 2024I have current years losses from house property as Rs 70000. Last years brought forward losses are 80000. In CFL schedule it shows total losses as 150000 correctly. After computing set off in CYLA schedule it should show losses as 150000 but it only shows 70000. Could you please explain
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(169143 Points)
Replied 06 July 2024
Are you filing the ITR under New Tax regime?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(169143 Points)
Replied 06 July 2024
So the loss of current year will only (70K) get set off with other income, but the bought forward losses will get carried forward, as there is no income from HP to set off the b/f losses.
arun bahl
(mr)
(29 Points)
Replied 07 July 2024
I also have income of 120k from house as rent received also. Salary is 1200000. While it shows in CFL Aa’s losses from HP as 150K in CYLA it shows losses as 70K only. At least it should show the correct figure. What gets set off is secondary
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(169143 Points)
Replied 07 July 2024
As the b/f loss from HP can be set off against income from HP only, while there is no NET income from HP in current year. So, the b/f loss gets carried forward to get adjusted in future year income from HP. While current year loss from HP gets adjusted from other income/s max. upto 2 lakhs, so only current year loss will be be shown in this schedule CYLA.
arun bahl
(mr)
(29 Points)
Replied 07 July 2024
I think I am not able to explain. I shall try again
My salary. 1200 k
Income from HP. 120 after adjusting 30% maintenance
Int on home loan 70 k
B/F loss from HP. 80 k
CFL after computing set off indicates loss from HP as 150 k correct
However CYLA shows loss from HP as 70 k only it should show 150 k and at least 120 k should be deducted from HP income of 120 K and balance 30 k May get carried forward but it is adjusting only 70 k
Could you please expla
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(169143 Points)
Replied 07 July 2024
How there be loss from HP in that case?
First of all the interest on home loan should have been in Schedule 'Income from HP' in column 'Interest payable on borrowed capital' 1Ah
So, the net income from HP will be 50K.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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