Loss

This query is : Resolved 

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
25 May 2010 A co. Named XYZ having:
-Business of construction
-no income from construction during the year.
-only rent income from house property during the year.
-there are also some administrative expenses like Audit fee/bank charges..etc
so there would be loss during the year.

now my query is that whether loss could be carried forward next yr or setoff against rent income as there is no business income during the year.

regards
Abhishek Sharma

26 May 2010 As per Section 71(1) of Income Tax act, 1961, business loss can be set off against Income from house property. If there is any loss available even after set off, then the loss can be carried forward and set off against Income from business in the next assessment year.



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries