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S 71B C.F of House Property Loss Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on S 71B C.F of House Property Loss Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is section 71B of the Income Tax Act related to? |  |
Ans. Section 71B of the Income Tax Act pertains to the taxation of house property loss.
| 2. How is the loss from a house property calculated for taxation purposes? | |
Ans. The loss from a house property is determined by deducting the annual value of the property from the interest payable on borrowed capital.
| 3. Can the loss from a house property be set off against other heads of income? | |
Ans. Yes, as per section 71B, the loss from a house property can be set off against any other heads of income, except for income under the head "Salaries."
| 4. Is there a limit on the amount of loss that can be set off against other income? | |
Ans. Yes, there is a limit on the amount of house property loss that can be set off against other income. It is capped at Rs. 2 lakh for a specific financial year.
| 5. What happens if the house property loss exceeds the limit of Rs. 2 lakh? | |
Ans. If the house property loss exceeds Rs. 2 lakh, the unadjusted loss can be carried forward for up to 8 subsequent financial years. It can be set off against income from house property in those years.
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Nov 16, 2024 Last updated |
Video Description: S 71B C.F of House Property Loss for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
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