Restriction on set-off of loss from house property w.e.f AY 2018-19

By | June 20, 2018
(Last Updated On: June 20, 2018)

Restriction on set-off of loss from house property

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL]DATED 15-2-2018

35. Restriction on set-off of loss from house property.

35.1 Section 71 of the Income-tax Act relates to set-off of loss from one head against income from another.

35.2 In line with the international best practices, a new sub-section (3A) has been inserted in the said section to provide that set-off of loss under the head ‚Income from house property‛ against any other head of income shall be restricted to two lakh rupees for any assessment year. However, the unabsorbed loss shall be allowed to be carried forward for set-off in subsequent years in accordance with the provisions of the Income-tax Act.

35.3 Applicability: This amendment takes effect from 1st April, 2018 and will, accordingly apply from assessment year 2018-19 and subsequent years.

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3 thoughts on “Restriction on set-off of loss from house property w.e.f AY 2018-19

  1. Pingback: Income Tax on House Property : Free Study Material - Tax Heal

  2. Rughveer

    I am sellary parson goverment i want to learn file income tax returns and refund incom tax

    Reply
  3. Pingback: New Income Tax News 05.07.2018 - Tax Heal

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