Personal Finance & Money Asked on December 12, 2020
I have a query regarding situation below for tax implication :
Carry forward loss from previous year under head house property loss : 60000
Current year house property loss : 120000
With above, does it mean that I can adjust my this year’s salary with 180000 as the setoff for loss under head house property loss, or does the 60000 loss from previous year can only be adjusted if I had a gain instead of loss this year under head huse property loss?
The current ITR2 actually is assuming the later and just carries forward the 60000 for future years.
Thanks in advance
Nikhil
The revised income tax rules, few years ago... Loss in house can only be adjusted against gain in house property or other capital gains. It can't be adjusted against salary or interest income
Answered by Dheer on December 12, 2020
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