71B. Carry forward
and set off of loss from house property.- Where for
any assessment year the net result of computation under the
head “Income from house property” is a loss to
the assessee and such loss cannot be or is not wholly set
off against income from any other head of income in accordance
with the provisions of section 71, so much of the loss as
has not been so set-off or where he has no income under any
other head, the whole loss shall, subject to the other provisions
of this Chapter, be carried forward to the following assessment
year and—
(i) be set off against the income from house property assessable
for that assessment year; and
(ii) the loss, if any, which has not been set off wholly,
the amount of loss not so set off,
shall be carried forward to the following assessment year,
not being more than eight assessment years immediately succeeding
the assessment year for which the loss was first computed.
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