Loss from House property

Tax Glossary Definition

Loss from House property

A loss from house property occurs when allowable deductions—such as interest on a housing loan or the standard deduction—are greater than the property’s rental or notional income. This loss may be adjusted against other sources of income, though the current tax rules limit such set-offs to ₹2 lakh annually.

Example: If the loss from house property is ₹1 lakh, it can be set off against income from other heads such as salary or other sources, in accordance with the provisions of the Income Tax Act.

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