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I have a query regarding situation below for tax implication :

  1. Carry forward loss from previous year under head house property loss : 60000

  2. Current year house property loss : 120000

With above, does it mean that I can adjust my this year's salary with 180000 as the setoff for loss under head house property loss, or does the 60000 loss from previous year can only be adjusted if I had a gain instead of loss this year under head huse property loss?

The current ITR2 actually is assuming the later and just carries forward the 60000 for future years.

Thanks in advance

Nikhil

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The revised income tax rules, few years ago... Loss in house can only be adjusted against gain in house property or other capital gains. It can't be adjusted against salary or interest income

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  • Hi Dheer, But both components are house property loss. To give you a full picture. Last year a total loss on property was 260000 out of which 2 lac got adjusted last year. 60000 got carried forward. This year i have 120000 as a loss on property. So i am still within the limit of 2lacs and wanted to adjust the carried forward loss on property from previous year.
    – Nikhil
    Commented Aug 2, 2019 at 6:29

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