Section 71A - Transitional provisions for set off of loss under the head Income from house property - Income-tax Act, 1961

1 [Transitional provisions for set off of loss under the head "Income from house property". 71A. Where in respect of the assessment year commencing on the 1st day of April, 1993 or the 1st day of April, 1994, the net result of the computation under the head "Income from house property" is a loss, such loss in so far as it relates to interest on borrowed capital referred to in clause ( vi ) of sub-section (1) of section 24 and to the extent it has not been set off shall be carried forward and set off in the assessment year commencing on the 1st day of April, 1995, and the balance, if any, in the assessment year commencing on the 1st day of April, 1996, against the income under any head .] ------------------------------------- Notes :- 1 . Substituted by the Finance Act, 1994, w.e.f. 1-4-1995. Prior to substitution, section 71A, as inserted by the Finance Act, 1992, w.e.f. 1-4-1993, read as under : '71A. Carry forward of losses under the head "Income from house property". Where in respect of any assessment year, the net result of the computation under the head "Income from house property" is a loss, the loss in so far as it relates to interest on borrowed capital referred to in clause (vi) of sub-section (1) of section 24 shall be carried forward by the assessee to the following assessment year or years and set off against the income under that head.'