TaxTMI 
TaxTMI 
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,
Set off of loss on house property against salary
23 Oct 2007 
2 Replies 
2894 Views Asked by
Guest 
Set-off of house property loss against salary for TDS may be permitted, though expert forum opinions conflict.
The question concerns whether an employer may set off a net loss under House Property (from housing loan interest) against an employee's Salary for TDS purposes. One reply affirms such set-off is allowable and, if the property is let out, rent must be taken as income when computing house property income; a second reply disagrees, stating house property loss cannot be set off against salary. (AI Summary)
The question concerns whether an employer may set off a net loss under House Property (from housing loan interest) against an employee's Salary for TDS purposes. One reply affirms such set-off is allowable and, if the property is let out, rent must be taken as income when computing house property income; a second reply disagrees, stating house property loss cannot be set off against salary. (AI Summary)