CHAPTER VII
SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES
Carry forward and set off of loss from house property
110. (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.