Set off of loss on house property against salary

[Guest]

I am an employee . Have taken Hsg. loan and given the house on rent . If I declare the net loss on house property ( due to interest outgo) to my employer , whether he can offset the loss on house property against the salary income ,while deduting TDS . Is there any bar in the IT Act / Rules / Notifications / Circulars that the above set off is applicable only when the employee resides in his own property . Your views please . with regards,

AI Summary

Debate Over Offsetting Rental Property Losses Against Salary Income: Conflicting Views on Income Tax Act Interpretation An individual inquired whether a net loss from a rented house property, due to interest payments on a housing loan, can be offset against salary income when calculating TDS. One respondent stated that such a set-off is permissible, provided the rental income is included when computing house property income. Another respondent disagreed, asserting that losses under house property cannot be offset against salary. The discussion reflects differing interpretations of the Income Tax Act regarding the set-off of house property losses against salary income.