Section 71B of ITA, 1961 : Section 71B: Carry Forward And Set Off Of Loss From House Property
ITA, 1961
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Explanation using Example
Imagine Mr. Sharma owns a rental property that generates an annual income of ₹2,00,000. However, the interest he pays on the home loan for that property is ₹3,00,000 per year. This means he has a net loss of ₹1,00,000 under the head "Income from house property" for that assessment year.
During the same year, his income from other sources (like sa...
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