Set off of Business Income from Interest & Remuneration

This query is : Resolved

CA Jay Kumar Sharma (Querist)
Follow

15 February 2011 My Query is :-

Mr. A is partner in many firms and gets Remuneration and Interest on Capital from there. further, He carries a casual Business on individual capacity and has suffered Business loss.

I want to know that Business Loss from causal business can be set off from the Remuneration & interest on capital received form partnership firm?

Sunil Kr. Sanganeria

Sunil Kr. Sanganeria (Expert)
Follow

15 February 2011 Share of profit from Partnership is exempt under Income Tax therefore it is not allowed to adjust any business loss against it.

If you have loss from other business that can be adjusted against Interst on capital.

CA Jay Kumar Sharma

CA Jay Kumar Sharma (Querist)
Follow

15 February 2011 Thank You Sir,

But you have mentioned only Interest on Capital, but can we set off same loss from Remuneration also.

Upgrade to CAclubindia Pro. Subscribe Now!

Sunil Kr. Sanganeria

Sunil Kr. Sanganeria (Expert)
Follow

15 February 2011 Remuneration from Partnership firm can be adjusted against business loss

CA Jay Kumar Sharma

CA Jay Kumar Sharma (Querist)
Follow

15 February 2011 Thank you sir