can salaried person claim unabsorbed depreciation if the person has its business or profession.

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sanjeev kumar

sanjeev kumar (Querist)
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10 January 2008 I am sanjeev kumar.

CA. Vineet Grover

CA. Vineet Grover (Expert)
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10 January 2008 Hi Sanjeev,

Unabsorbed depreciaiton can be claimed if the same as arisen from the business / profession.

Computation of total income is made on the basis of heads of income.

It has no direct nexus to salaried employee. But you should have sufficient reason to explain that you can run your business along with your service.

To claim, the return should be filed within the due date.

Rgds/
Vineet

Late CA Sampat Jain

Late CA Sampat Jain (Expert)
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10 January 2008 Section 71(2A) of the Income Tax Act states that:

(2A) Notwithstanding anything contained in sub-section (1) or sub-section (2), where in respect of any assessment year, the net result of the computation under the head “Profits and gains of business or profession” is a loss and the assessee has income assessable under the head “Salaries”, the assessee shall not be entitled to have such loss set off against such income

UNABSORBED DEPRECIATION OF A BUSINESS THEREFOR CAN NOT BE CLAIMED AGAIST SALARY INCOME

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