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18 March 2010 A company has let out whole of its portion(letting is not main business)and showing rental income taxable under house property, and on other hand claim business loss towords director;s remmueration, fees and taxes, prel w/off etc for the year. House property income and business loss is set off during the year. Is it correct
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Prakash Jasani

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Prakash Jasani (Expert)
18 March 2010 Yes
Business Loss head can adjust any other head except salaries [sec 71(2A)] bt in same asst. year only.
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CA CHINTAN AJMERA

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CA CHINTAN AJMERA (Expert)
18 March 2010 Agree
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