Earlier

  • In case of Self Occupied Property,Maximum 200000 is allowed as Deduction for Interest on housing loan
  • In case of Rented Property, Deduction for Interest on housing loan is allowed without any limit
  • Loss if any can be setoff with any other Income without any limit
  • Remaining loss can be carry forward for 8 years and adjusted against loss from House Property

NEW

  • In case of Self Occupied Property,Maximum 200000 is allowed as Deduction for Interest on housing loan
  • In case of Rented Property, Deduction for Interest on housing loan is allowed without any limit
  • Loss if any can be setoff with any other Income without any limit only upto 2 lacs
  • Remaining loss can be carry forward for 8 years and adjusted against loss from House Property

 

Hence,Current year House property loss can be setoff against other incomes like Income from Salaries or PGBP Income

but

future carry forwarded house property loss can be setoff against only House Property Income

  1. Practical Income Tax
  2. Important Points of Different Incomes

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 10 years. He also provides Accounts Tax GST Training in Delhi and Pune.