Exclude loan availed before 31.03.2017 from Restriction of set off of loss from House Property: ICAI
- editor
- | Income Tax
- 22 Jan 2018
- 492 Views
- 1 comment
Issue/Justification
The Finance Act 2017 introduced a new section 71(3A) to provide that with effect from financial year 2017-18, set-off of loss under the head “Income from house property” against any other head of income should be restricted upto Rs 2 lakh per year. In other words, amount of loss under the head “Income from house property’ exceeding Rs 2 lakh will not be entitled to be set-off.
This restriction affect thousands of taxpayers who have availed housing loan(s) in the past based on the provisions of the Act on set-off as it stood then. This also have an adverse impact on the real estate sector.
Suggestion
The restriction should apply to loss arising on account of interest payable on loans availed after 31st March 2017.
Source- ICAI Pre-Budget Memorandum–2018 (Direct Taxes and International Tax)
More Under Income Tax
Posted Under
Category : Income Tax (27491)
Type : News (13628)
One response to “Exclude loan availed before 31.03.2017 from Restriction of set off of loss from House Property: ICAI”
Leave a Reply
Latest Posts
- SEBI extends time limit for RTAs to send letters seeking PAN & bank details
- CBDT amends Income Tax Advance ruling Forms
- Withdrawal of appeals in consequent to CBDT Circular No. 3/2018
- Advisory on Filing of Cost Audit Report for year 2017-18
- Rebate under Section 87A of Income Tax Act, 1961
- Lesser Known Tax Saving Tips / Deductions
- How to File Income Tax Return of a Deceased Assessee?
- Govt notifies maximum safe axle weight of each axle type of transport vehicles
- Key suggestions on Proposed Amendments in the GST Law
- GST: HC directs MP Govt to Remove Check posts
Popular Posts
Featured Posts
- Tax benefits of investing in mutual funds
- Tax Compliance & Planning For Salaried Individuals
- Deduction of Interest on Home Loan From House Property income
- Interest on Home Loan on Self Occupied House –Tax benefits
- Last Moment Tax Saving Investment options Under Section 80C
- Double Benefit on Taxes on Housing Loan
- All about Kisan Vikas Patra and its Taxation
- Submitting Form No. 15G & 15H -Points to Remember
- Tips for Filing Income Tax Returns
- HRA Vs. Rent Free Accommodations (RFA)
house loan taken from co op soc is applicable for sec 24(b)