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Carry forward and set off of loss from house property – Section 71B

If there is a loss under the head House Property and it cannot be set off or only partially set off under the same head or other head of income under section 71 then  such loss can be carried forward to 8  subsequent years. The loss so carried forward can be set off from income under the head “House Property”(not from income under other heads).

There is no condition that carry forward is allowed only when return is submitted within time limit under section 139. Also, the loss under house property is allowed to be carried forward even if the house property is sold in next assessment years.

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