Section 71A of ITA, 1961 : Section 71A: Transitional Provisions For Set Off Of Loss Under The Head Income From House Property
ITA, 1961
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Explanation using Example
Imagine Mr. Sharma owns a house that he has rented out, but the interest on the home loan he took to purchase this property is higher than the rental income he earns. For the financial year 1993-94, after deducting the interest on the borrowed capital, he has a loss of ₹1,50,000 under the head "Inc...
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