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Set off of loss

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(Querist)
24 March 2009 a firm consisting of 3 doctors and 1 graduate (for admin)as partners carries on the business of running a clinic and hiring out kalayana mandap. whether the loss from mandap be set off against income from clinic? pl clarify
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Raj

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Raj (Expert)
25 March 2009 In my opinion , if all the provision as required by IT act is complied by law then inter source adjustment is possible as per sec 72.
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M KRISHNAKUMAR

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M KRISHNAKUMAR (Expert)
25 March 2009 YES. SET OFF IS PERMITTED. FURTHER INCOME OF CLINIC IS ALSO BUSINESS INCOME AND NOT PROFESSIONAL INCOME
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K G Karthikeyan

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K G Karthikeyan (Querist)
25 March 2009 Thank u so much for ur timely reply.

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