14 Most Common Questions on Set Off and Carry Forward of Losses

Q.1) If income from any source is exempt, then can loss from such source be adjusted against any other taxable income? If income from a particular source is exempt from tax, then loss from such source cannot be set off against any other income which is chargeable to tax. E.g., Agricultural income is exempt from … Read more

Carry Forward & Set Off Losses from House Property Sec 71B

SEC – 71B: CARRY FORWARD AND SET OFF OF LOSS FROM HOUSE PROPERTY Where the loss under the head house-property: Can be SET OFF in current year against any other head of income Balance of the loss to be carried forward for 8 Assessment Years and SET OFF only against “Income from House Property” Note: … Read more

Important Tax Matters When You Are Selling the Property

People are always keen to find themselves their first home. For this purpose, they work tirelessly day-in and day-out. However, before one buys or sells a house there are certain tax implications that needs to be taken care of. Without prior knowledge about applicable tax liability, house owners and sellers can find themselves into tax … Read more

5 Income Tax Benefits to Own a House (Updated) After Budget 2017

Owning a residential house is a dream of every person. The privilege of owning a house not only gives you the liberty to operate with ultimate freedom with respect to construction and modification, but also lets you have a status symbol. One thing that you would be pleased to hear is that even the Government … Read more