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Set off of house property with salary and Long term capital gain

Swapnil (.) (47 Points)

25 July 2022

my client have current year loss from house property and income from LTCG and salary.My question is with which head first loss should be set off.plz quote relevant section or case law.

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177852 Points)
Replied 25 July 2022

Applicable from 2018-19 onwards .... The loss from house property can be set off against Income from Other Heads .... upto limits of Rs 2 lakhs for each financial year.

The sequence of heads is irrelevant.

You can carry forward the remaining loss amount to the next fiscal year to set off.

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MPR Sanjay Kumar (3118 Points)
Replied 25 July 2022

@ Honourable Dhirajlal sir ,loss from house property can be setoff any head of income .. exceeding 2 lakh or within 2 lakh??? which limit above or below

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177852 Points)
Replied 25 July 2022

Upto Rs. 2 lakhs means maximum upto Rs. 2 lakhs, not above that...

If loss from head IFHP is Rs. 3 lakhs... One can set off loss of Rs. 2 lakhs against any other head in same financial year, and remaining loss of Rs. 1 lakh is carried forward (max 8 years) that can be adjusted only against IFHP.

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