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of <h1>New Section 71A Allows Carry Forward of House Property Losses for 1993-1994 to Offset Future Income</h1> Section 71A of the Income-tax Act is replaced to address transitional provisions for offsetting losses under 'Income from house property.' For assessment years starting April 1, 1993, or April 1, 1994, if the net result is a loss, particularly from interest on borrowed capital, it can be carried forward. This loss can be set off in the assessment year beginning April 1, 1995, and any remaining balance can be set off in the assessment year starting April 1, 1996, against income from any head.
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