71A. Transitional provisions for set off of loss under the head "Income from house property"

71A Transitional provisions for set off of loss under the head "Income from house property" Where in respect of the assessment year commencing on the 1st day of April, 1993 or the 1st day of April, 1994, the net result of the computation under the head "Income from house property" is a loss, such loss in so far as it relates to interest on borrowed capital referred to in clause (vi) of sub-section (1) of section 24 and to the extent it has not been set off shall be carried forward and set off in the assessment year commencing on the 1st day of April, 1995, and the balance, if any, in the assessment year commencing on the 1st day of April, 1996, against the income under any head. 1726 1727 1728 1729 1730 1731 1732 1726 Subs. by s. 22, ibid., for section 71A (w.e.f. 1-4-1995). 1727 Ins. by Act 21 of 1998, s. 26 (w.e.f. 1-4-1999). 1728 Subs. by Act 20 of 1962, s. 6, for sub-section (1) (w.e.f. 1-4-1962). 1729 The words, brackets and figure ‘where the assesse has income only under the head “capital gains” relating to capital assets other than short-term capital assets and has exercised the option under sub-section (2) of that section or’ omitted by Act 11 of 1987, s. 30 (w.e.f. 1-4-1988). 1730 The proviso omitted by Act 27 of 1999, s. 37 (w.e.f. 1-4-2000). 1731 Added by Act 20 of 1967, s. 22 (w.e.f. 1-4-1967). 1732 Ins. by Act 20 of 1967, s. 22 (w.e.f. 1-4-1967).