Tax exemption(fy17-18) on home loan interest for rented flat

Maheshvjti (Querist) 24 September 2018 This query is : Resolved
Hi,
I have a query related to Tax exemption(FY17-18) on Home Loan Interest for rented flat. I understand that
In case of non-self occupied property, the interest paid is reduced from the Rent gained to arrive at the Income/loss from House Property. In case the Interest paid is more than the Rent earned it will result in Loss from House Property. This Loss is allowed to be set-off with Income from any other head.

The Finance Act 2017 announced on 1st Feb 2017 has put a restriction to the maximum amount of Loss under head House Property that can be set-off from other heads of Income. From Financial Year 2017-18 onwards, Loss of a maximum of Rs. 2 Lakhs is allowed to be set-off with Income from other heads. The amount which is not set-off shall be carried forward to future years.
Is this 2 Lakhs ( Maximum limited loss) further reduced from Rent gained to arrive at the Income/loss from House Property?
Your prompt reply is awaited.

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