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Section - 71 - Restriction on set-off of loss from House property -

 

The existing provisions relate set-off of loss from one head against income from another. It is proposed to insert sub-section (3A) 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 existing provisions of the Act.

 

The amendment will be effective from 1st April 2018.


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