Loss
This query is : Resolved
Querist : Anonymous
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
-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
CA Kishore Tallam
(Expert)
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.
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