Set off
This query is : Resolved
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
18 March 2010
Yes
Business Loss head can adjust any other head except salaries [sec 71(2A)] bt in same asst. year only.
Business Loss head can adjust any other head except salaries [sec 71(2A)] bt in same asst. year only.
18 March 2010
Agree
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