Cap on set-off of house property loss introduced, limiting allowable adjustment against other income each assessment year. A new sub-section limits set-off of loss under the head Income from house property against other heads of income by disallowing set-off to the extent the loss exceeds two lakh rupees in any assessment year; the restriction applies where the head yields a loss and the assessee has income under other heads.
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Provisions expressly mentioned in the judgment/order text.
Cap on set-off of house property loss introduced, limiting allowable adjustment against other income each assessment year.
A new sub-section limits set-off of loss under the head Income from house property against other heads of income by disallowing set-off to the extent the loss exceeds two lakh rupees in any assessment year; the restriction applies where the head yields a loss and the assessee has income under other heads.
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