Section 110 — Carry forward and set off of loss from house property

(1) Where for any tax year, loss computed under the head “Income from
house property” cannot be wholly set off against the income under any other
head as per section 109, so much of the loss not so set off or the whole loss, as the
case may be, shall be carried forward to the following tax year and—
( a) be set off only against the income from house property, if any, assessable
for that tax year; and
( b) if the loss cannot be wholly so set off, the amount of loss not so set off
shall be carried forward to the following tax year and so on.
(2) No loss shall be carried forward under this section for more than eight tax years
immediately succeeding the tax year for which the loss was first computed.