Question ID :
42265
Carry forward of House Property Loss
Dear All,
An assessee is owning 7 portions of a residential property. 1 is self occupied, 1 is vacant, and rest 5 are let out. Due to Interest cost, all properties were reported loss. Loss on Self Occupied Property is Rs 1.17 lacs, Loss on Vacant Property Rs 2.08 Lacs and loss on other 5 let out Properties Rs 5.11 lacs. In total, loss of Rs 8.37 lacs. The assessee set off Rs 2 lacs against income from other heads and C/fwd Rs 6.37 lacs. Whereas the department allowed C/fwd loss of Rs 5.11 lacs only. Please advise, if loss not set off on Self Occupied and Vacant Properties is allowed to be carried forward or not (i.e Rs 1.17 lacs +Rs 2.08 lacs - Rs 2 lacs = Rs 1.25 lacs). Thanks.
Posted by
CA. VASUDEVAN P K
on
Apr 27, 2022
Filed Under
Income From House-Property
Answer ID :
81474
Yes. Loss from self occupied house property is allowed to be carried forward like loss from let out property.
Posted by
CA. chunauti dholakia on
Apr 27, 2022