Section 26 - Insertion of new section 71B - Finance (No. 2) Act, 1998

26. Insertion of new section 71B After section 71A of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 1999, namely:- 71B. Carry forward and set-off of loss from house property.- Where for any assessment year the net result of computation under the head Income from house property is a loss to the assessee and such loss cannot be or is not wholly set-off against income from any other head of income in accordance with the provisions of section 71 so much of the loss as has not been so set-off or where he has no income from any other head of income in accordance with the provisions of section 71 so much of the loss as has not been so set-off or where he has no income under any other head, the whole loss shall, subject to the other provisions of this Chapter, be carried forward to the following assessment year and- (i) be set-off against the income from house property assessable for that assessment year; and (ii) the loss, if any, which has not been set-off wholly, the amount of loss not so set-off, shall be carried forward to the following assessment year, not being more than eight assessment years immediately succeeding the assessment year for which the loss was first computed. .