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Asked by Ravi on :Jun. 14, 2018

I am a resident Indian Individual. I have paid ho…

I am a resident Indian Individual. I have paid housing interest of Rs, 2000000 this year because of…

I am a resident Indian Individual. I have paid housing interest of Rs, 2000000 this year because of which I have a loss of Rs 800000 in house property.

Apart from this, I have income from salary Rs 45 lakhs.

My query is, can I set off the entire loss of Rs 8 lakhs from Income from salary?

0

Chiranjibi Jun. 14, 2018

No, you can not set off the entire amount of Rs. 8 lakhs (loss from house property) with the income from salary.

You can set off loss from house property with income from salary up to the limit of Rs. 2 lakhs as prescribed by the Income tax Act.

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