Can Any Deduction orExpense Be Claimed Partially in One Year and Balance in Next Year?

My wife is a salaried person and her yearly income is Rs 1,70,000/- .Loss from house property is Rs 80,000/-. May I deduct only Rs 20,000 towards loss from house property and carry forward the loss of Rs 60,000/- for next financial year? or do I have to reduce the full amount of Rs 80,000 from the income to arrive at taxable income?? VS Prasad , Navi Mumbai

I had a taken loan from the bank and given the same loan to other party. I had incurred processing charges for getting the loan .I had claimed the processing charges as deduction against the interest income earned from the said loan under section 57 of the IT Act. In such a case actually i am getting a tax refund after considering TDS and Advance Tax. Can i claim some portion of the processing charges in the current year and differ some amount to the coming years. Shyam, Hyderabad

Both these question are on the basic issue “Can Any Deduction or Expense Be Claimed Partially in One Year and Balance in Next Year?” . In one word, it is not allowed.

Under the I T Act, the computation of income is made Chapter IV . Under this Chapter , section 14 to section 59 of the I T Act contains provision under which income is first computed under following five heads

As per the provision , one has to deduct the allowable expense fully from the income under that head. If on account of the claim of expense , there comes a loss , it can be adjusted with the other income as per the provision under I T Act . If it is not adjusted , it can be carried forward.

Therefore, in nutshell , there is no provision for only partial claim of expense in one year and balance of expense in other years.