Section 21 - Amendment of section 71 - Finance Act, 1994

21. Amendment of section 71. In section 71 of the Income-tax Act, for sub-section (4), the following sub-section shall be substituted with effect from the 1st day of April, 1995, namely:- (4) Where the net result of the computation under the head Income from house property is a loss, in respect of the assessment years commencing on the 1st day of April, 1995 and the 1st day of April, 1996, such loss shall be first set off under sub-sections (1) and (2) and thereafter the loss referred to in section 71A shall be set off in the relevant assessment year in accordance with the provisions of that section. .