Section 71BCentral Act
Section 71B: [ Carry forward and set off of loss from house property. [ Inserted by Act 21 of 1998, Section 26 (w.e.f. 1.4.1999).]
[ Carry forward and set off of loss from house property. [ Inserted by Act 21 of 1998, Section 26 (w.e.f. 1.4.1999).]
- Where for any assessment year the net result of computation under the head "Income from house property" is a loss to the assessee and such loss cannot be or is not wholly set off against income from any other head of income in accordance with the provisions of section 71, so much of the loss as has not been so set off or where he has no income under any other head, the whole loss shall, subject to the other provisions of this Chapter, be carried forward to the following assessment year and-(i)
be set off against the income from house property assessable for that assessment year; and(ii)
the loss, if any, which has not been set off wholly, the amount of loss not so set off, shall be carried forward to the following assessment year, not being more than eight assessment years immediately succeeding the assessment year for which the loss was first computed. ]Previous
Sec 71A — [ Transitional provisions for set off of loss under the head "Income from house property". [ Substituted by Act 32 of 1994, Section 22, for Section 71-A (w.e.f. 1.4.1995).]
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Sec 72 — Carry forward and set off of business losses
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