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.