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    What provisions of the Income Tax Law are made regarding the carry forward and offset of losses on house property?

    Answered 25-Nov-2022

    Unadjusted loss may be carried forward to the following year if loss cannot be properly adjusted in the year in which such loss is incurred.

    In successive years, only income subject to taxation under the heading "Income from House Property" may be used to offset surplus amounts. For eight years that immediately follow the year in which the loss is incurred, such a loss may be carried forward.

    Even if the return of income/loss for the year in which the loss is incurred is not submitted on or before the due date of filing the return, as stipulated under section 139(1), a loss under the item "Income from house property" may still be carried forward.

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