Section 38 - Insertion of new section 71A - Finance Act, 1992

38. Insertion of new section 71A After section 71 of the Income-tax Act, the following section shall be inserted, with effect from the 1st day of April, 1993, namely :- 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. .