Business loss set off
This query is : Resolved
26 July 2011
sir can i set off partner ship business loss again income of proprieter business profession
26 July 2011
Partnership loss is of the FIRM and not of the partners. So if a partner is also having a proprietorship concern then he cannot set off his share of loss in partnership from his profit in the proprietorship.
Only firm can carry forward it to next years and can set off it from the profit of future years.
Only firm can carry forward it to next years and can set off it from the profit of future years.
26 July 2011
Share in partnership firm is an income exempt from tax . (Section 10(2A))
Income exempt from tax does not make a part of the total income.
Question of set off against proprietor's business income would have arisen , had the
share in profit been a taxable income.
Income exempt from tax does not make a part of the total income.
Question of set off against proprietor's business income would have arisen , had the
share in profit been a taxable income.
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