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Set off

Selvambika.K (student) (199 Points)

27 November 2012

whether income from house propoerty can be set off against salary?

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23 Replies

CA Sanjay Bag (CHARTERED ACCOUNTANT) (3340 Points)
Replied 27 November 2012

How? that means your income from salary is negative which is not possible any way.

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CA Ruben Balooni (Professionalism ™) (1324 Points)
Replied 27 November 2012

Loss from House Property can be set-off against salary.

- Ruben Balooni

rohit (student) (360 Points)
Replied 27 November 2012

Yes , it can be set off.

what was the point sanjay was raising?

CA Ruben Balooni (Professionalism ™) (1324 Points)
Replied 27 November 2012

Originally posted by : Sanjay Bag
	How? that means your income from salary is negative which is not possible any way.

Sir Income includes NEGATIVE INCOME aslo. So Income from House Property shall be read as Loss from House Property.

- Ruben Balooni

CA Manish (Job) (5264 Points)
Replied 27 November 2012

Please see the summary of Set off and carried forward of losses:-

Set off and carry forward of losses at a glance

CARRY FORWARD & SET -OFF OF LOSSES:	Set-off During the year			Carry Forward & Set - off Next year(s)			Filing of Return u/s 139(1) for carry forward mandatory
	Same Head	Another head	Against	C/F	Years	Agst Profits From
1. House Property	Yes	Yes	-	Yes	8 years	same head	No
2. Speculation Business	Yes	No	From Speculation Profits	Yes	4 years	Same/ another Speculation Business	Yes
Unabsorbed Depreciation / Cap Exp on SR	Yes	Yes	any income	Yes	No limit	any income (other than salary)	No
Non-speculative Business or Profession	Yes	Yes (except salary)	Any Business Profits	Yes	8 years	same head	Yes
3. Long Term Capital Losses	Yes	No	LTCG	Yes	8 years	LTCG	Yes
Short Term Capital Losses	Yes	No	STCG/LTCG	Yes	8 years	STCG/LTCG	Yes
4. Owning / Maintaining race horses	Yes	No	same item	Yes	4 years	same item	Yes
5. Income from Other Sources (except if exempt)	Yes	Yes	NA	No	NA	NA	NA
6. Specified Business u/s 35AD	Yes	No	Specified Business Profits	Yes	No Limit	Any Specified Business	No

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CA ADITYA SHARMA (CA IN PRACTICE ) (16719 Points)
Replied 27 November 2012

YES CAN BE SET OFF

piyush.a.k (-) (252 Points)
Replied 27 November 2012

yes it can be set off.

Ramanuj (Accountant.) (834 Points)
Replied 27 November 2012

yes can be set off.

CA Sanjay Bag (CHARTERED ACCOUNTANT) (3340 Points)
Replied 27 November 2012

@ Rohit first read the question carefully then answer it and Ruben how can I assume a income as a loss. However, it is true that "Loss from House Property" can be set off against " Income from Salary"..

rohit (student) (360 Points)
Replied 27 November 2012

@ sanjay. Lol i guess you are the one who couldnt understand the question properly and making the simple issue complicated.

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CA Harshil Shah (Taxation - Manager) (27 Points)
Replied 27 November 2012

Yes it can be done.

CA Ruben Balooni (Professionalism ™) (1324 Points)
Replied 27 November 2012

Originally posted by : Sanjay Bag
	@ Rohit first read the question carefully then answer it and Ruben how can I assue a income as a loss> However, it is true that "Loss from House Property" can be set off against " Income from Salary"..

Sir he/she was referring to the HEAD on Income and not a particular income under that head.

CA Sanjay Bag (CHARTERED ACCOUNTANT) (3340 Points)
Replied 27 November 2012

@ Rohit it is true that I am not genius like you who can understand the inner meaning of a word.

Ca Sanjeev aggarwal (.) (26 Points)
Replied 27 November 2012

sanjay is not wrong.. actually the question is wrongly drafted...the question is "whether income from house property can be set off against salary" ... there is no need to set off any income.... losses are set off alright.... and yes house property loss can be set off against salary income.