Carry forward of losses from old regime to new regime

Income Tax
1

Hi, I had been under old tax regime and have incurred losses under 2 category:
a) losses in LTCG from sale of housing properties
b) loss from housing property (from Let out property on account of Home loan) in last 3 years under old tax regime.

My questions are:

  1. If I now switch to new tax regime, will those losses from “a” and “b” above incurred under old regime in the past 2 years, be carried forward?
  2. If yes, can these losses “a” and “b” both be set off in future against LTCG of Mutual funds?

Best Regards,

2

You can carry it forward if already declared, but you can’t set it off in the years when you are under the new regime.

If you switch back to old regime in a later year, then you can use the carried forward house property loss.

  1. LTCG Loss from Property Sale (a):

*Can be carried forward for 8 years.

  • Can be set off against LTCG (e.g. mutual funds) even under the new regime.
  1. Loss from House Property (b):
  • Can be carried forward if declared earlier.
  • Cannot be set off under the new regime.
  • Can be used only if you switch back to old regime later.

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