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It can only be set off against house property income and cannot be carried forward. Can i set off house property loss under the new regime? Under section 71 of the income tax act, losses from house property can be set off against any other head of income in the same financial year.
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Shall be carried forward to the following assessment year, not being more than eight assessment years immediately succeeding the assessment year for which the loss was first computed. It outlines how taxpayers can carry forward unabsorbed losses (losses that couldn’t be fully set off in the current year) from house property to future years and use them to offset income from. This article explains how taxpayers can offset current year losses against income from other sources & carry forward losses to future years.
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Understand how to set off and carry forward losses under the income tax act.
Allowed — you can set off loss from one house property against income from another house property within the same year. Where the losses are not completely set off against income of the same financial year.
