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
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