Wondering can
house property loss set off against salary income
? In India, tax laws allow for certain types of losses to be set off against income from other heads, subject to certain conditions and limitations. However, the set-off of house property loss against salary income is not permitted under the current tax regulations.
Can Loss from House Property Set Off Against Salary?
House property loss can be set off only against salary from house property. If there's any loss from house property (for example, due to home loan interest or property taxes exceeding rental income), it can be set off against any other income from house property in the same financial year.
If the loss cannot be fully set off in the same year, the remaining loss can be carried forward to subsequent years and set off against income from house property for up to eight assessment years.
Salary income, on the other hand, is taxed separately under the head "Income from Salaries" and cannot be directly set off against house property losses or losses from other heads of income.
However, there are other provisions in the Income Tax Act that allow for the set-off and carry forward of certain losses against other income heads. For example:
If you have incurred a loss from a business or profession, it can be set off against any other income except for income from salary.
Capital losses can be set off against capital gains, both short-term and long-term. If there are any unadjusted capital losses, they can be carried forward for up to eight assessment years and set off against capital gains in those years.
Losses from speculative business activities can only be set off against profits from speculative business activities. This is all about house property loss set off against salary.
Consult NoBroker Experts and Get Assistance on Tax Assessment or Payment.Read more
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Can House Property Loss Set Off Against Salary?
Shristi
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1 Year
2024-05-16T21:48:53+00:00 2024-05-30T16:11:49+00:00Comment
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