house property under income tax
- House Property Loss can be set off against other head of Income only up to INR two lacs in the same year, balance loss has to be carry forward to eight assessment year's for set off against house property income only.
- No notional income from House Property held as stock-in-trade for the period upto one year from the end of the financial year in which the certificate of completion of construction of property is obtained from competent authority.
Example: X Developers completes construction of five flats on 01.04.2017, obtains certificate of completion from BBMP and the flats remains unsold, then tax treatment would be as under:
Dagliya & Co.,