Section 110 — Carry forward and set off of loss from house property
Old Act equivalent: Section 71B of IT Act 1961 Sub-part: Set off, or carry forward and set off of losses
Statutory Text
- (1) Where for any tax year, loss computed under the head “Income from
house property” cannot be wholly set off against the income under any other head as per section 109, so much of the loss not so set off or the whole loss, as the case may be, shall be carried forward to the following tax year and—
(a) be set off only against the income from house property, if any, assessable for that tax year; and
(b) if the loss cannot be wholly so set off, the amount of loss not so set off shall be carried forward to the following tax year and so on. (2) No loss shall be carried forward under this section for more than eight tax years immediately succeeding the tax year for which the loss was first computed. Carry forward and set off of loss from Capital gains.
Provisos
None.
Explanations
None.
Tables
Present in statutory text above — see formatted section.
Key Structure
- Applies to: All assessees with loss from house property
- Conditions: Loss from house property not fully set off under section 109 in current year
- Time limits: Carry forward for maximum 8 tax years from year of loss
- Monetary limits: No specific monetary limit on carry forward
- Exceptions: Can be set off only against income from house property in subsequent years
Cross-References
- Section 109
Amendment Notes
None noted from the extracted pages.