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Section38
The Finance Act, 1992

Insertion of new section 71A

In force Act 18 of 1992 As on 08 Oct 2026

Act 18 of 1992 Ministry Finance Cited by 1 provision

Section 38 of the Finance Act, 1992 deals with insertion of new section 71A. Insertion of new section 71A. 38. After section 71 of the Income-tax Act, the following section shall be inserted, with effect from the 1st day of April, 1993, namely:— '71A.

Insertion of new section 71A.

38. After section 71 of the Income-tax Act, the following section shall be inserted, with effect from the 1st day of April, 1993, namely:—

'71A. Carryforward of losses under the head "Income from house property".—Where in respect of any assessment year, the net result of the computation under the head "Income from house property" is a loss, the loss in so far as it relates to interest on borrowed capital referred to in clause (vi) of sub-section (1) of section 24 shall be carried forward by the assessee to the following assessment year or years and set off against the income under that head.'.

[Finance Act, 1992]

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Section 38, The Finance Act, 1992 (Act 18 of 1992).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

  1. s. 24 Substitution of new section for section 48
  2. Income-tax Act s. 71 Set off of loss from one head against income from another

Referred to by 1

  1. s. First Schedule First Schedule

Questions about Section 38

What does Section 38 of the Finance Act deal with?

Section 38 of the Finance Act is headed "Insertion of new section 71A". Insertion of new section 71A. 38. After section 71 of the Income-tax Act, the following section shall be inserted, with effect from the 1st day of April, 1993, namely:— '71A.

How do I find court cases under Section 38 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1992 38, section 38 Finance Act 1992, section 38 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 38 of the Finance Act, and has it changed?

Its own text turns on section 24 (Substitution of new section for section 48), Income-tax Act 71 (Set off of loss from one head against income from another), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.

When was the Finance Act enacted?

Finance Act was enacted in 1992 as Act 18 of 1992. India Code records no commencement date for it. It is in force as at the date shown on this page.

Other sections of this Act

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument. This page is not a substitute for legal advice.