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TMI BlogQuery regarding set off of house property lossX X X X Extracts X X X X X X X X Extracts X X X X ..... I have a House Property(HP) loss of ₹ 35000 carried forward from previous years and in current year the loss from HP is 170000. My expectation is that i'm able to set off 30000 from previous year and carry forward the remaining 5000 to future. The ITR prepration tools (excel java) does not let me do that. The tool allows set off only when i'hv a positive income from HP and set off ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from previous year is possible only until income is 0. Example 1 (with negative HP income) Income from HP in current year = -170000 Carried forward from AY: 2018-19 = 35000 Set off salary in current year = -170000 Carried forward to future: 35000 My expectation is tool allows set off in HP upto -200000 and balance 5000 can be carried fordward. Example 2 (with positiv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e HP income) Income from HP in current year = 10000 Carried forward from AY: 2018-19 = 35000 Set off salary in current year = 10000 Carried forward to future: 25000 If i'm correct, in both cases the set off must allow upto -2,00,000 and not just up to 0. Currently the tool allows only set off in HP case up to 0. Below is response from IT Helpdesk Thank you fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r contacting e-Filing Help desk. There is no issue in the utility set off was done correctly. The current year set off was done against the salary and previous year HP will be set off against the current year HP only. Since there is a loss in the current year due to this no set off was done. Thanks Regards, e-Filing Helpdesk Website:https://incometaxindiaefiling.gov.in - Reply By Bi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pin M - The Reply = I overlooked the ITR instructions which clearly states.. to the extent such brought forward losses etc. are permitted to be set-off against remaining positive incomes under various heads for the current year, as per the Schedule BFLA. My query is resolved. Sorry for the post but hope it helps someone in future! - Reply By DR.MARIAPPAN GOVINDARAJAN - The Reply = Ok. It ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is also useful for us. - Query regarding set off of house property loss - Query Started By: - Bipin M Dated:- 25-8-2019 Income Tax - Got 2 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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