Answer

1. F

   Facts

   Under the old regime, house property loss can be set off against salary and other heads only up to ₹2,00,000 a year. The rest is carried forward for 8 years against house property income only. Under the new regime, no set off against other heads is allowed.

2. P

   Provisions and law

   • Sec 71(3A) (now Sec 109)House property loss can be set off against other heads only up to ₹2,00,000 a year
   • Sec 71B (now Sec 110)Unabsorbed house property loss is carried forward for 8 years and set off only against house property income
   • Sec 115BAC (now Sec 202)New regime is the default; business filers opt out with Form 10-IEA by the Sec 139(1) due date
3. A

   Analysis

   With a ₹4,00,000 loss, ₹2,00,000 reduces your salary income under Sec 71(3A) (now Sec 109), saving tax at your slab, and ₹2,00,000 is carried forward under Sec 71B (now Sec 110). Next year it can reduce rent income from any house property. In the new regime, Sec 115BAC stops set off against salary. Fill Schedule CFL correctly to keep the carry forward.

4. C

   Conclusion

   1. 1Compute the loss property by property.
   2. 2Set off up to ₹2,00,000 against other income under the old regime.
   3. 3Carry the balance in Schedule CFL.
   4. 4Use it against future rent income.

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