Insertion of new section 71B
Section 26 of the Finance Act, 1998 deals with insertion of new section 71B. Insertion of new section 71B. 26. After section 71A of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 1999, namely :— ‘71B.
Insertion of new section 71B.
26. After section 71A of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 1999, namely :—
‘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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Section 26, The Finance Act, 1998.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 26
What does Section 26 of the Finance Act deal with?
Section 26 of the Finance Act is headed "Insertion of new section 71B". Insertion of new section 71B. 26. After section 71A of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 1999, namely :— ‘71B.
How do I find court cases under Section 26 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 1998 26, section 26 Finance Act 1998, section 26 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 26 of the Finance Act, and has it changed?
Its own text turns on section 71 (Amendment of section 25), Income-tax Act 71A (Transitional provisions for set off of loss under the head "Income from house property"), 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 1998. 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
- -. THE SCHEDULE4926 words
- 10. Insertion of new section 33ABA1532 words
- 2. Income-tax1337 words
- 5. Amendment of section 101148 words
- 69. Insertion of new section 23A925 words
- 87. Definitions858 words
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