Adjustment of House Property Loss from Salary Income

By | December 4, 2017
(Last Updated On: December 4, 2017)

Adjustment of House Property Loss from Salary Income

Because of Interest on Loan taken for House , My income from let out house property is negative . Can I ask my employer to consider this loss against my salary income while computing the TDS on my salary?​

Yes,  but

1) Assessee is owner of property

2 ) only to the extent of Rs. 2 lakh [ Section 24(b) of Income tax Act ] if property is  acquired/ Constructed  after 01.04.1999   and if the acquisition or construction of the house should be completed within 5 years from the end of the Financial Year in which the capital was borrowed

For any prior period interest for the Financial Years (FY) upto the FY in which the property was acquired or constructed , shall be deducted in equal installments for the FY in question and subsequent four Fys.

However, losses other than losses under the head ‘Income from house property’ cannot be set-off while determining the TDS from salary.​​ [ Section 192 (2B) of Income Tax Act ]

 

Read : What are the proof to be submitted  to employer for adjustment of House Property Loss from Salary Income

 

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