Set off of losses

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 June 2014 Dear Sir/Madam,

Can loss of proprietorship business be carried forward and set off against profits of partnership business? If so what are the conditions to be satisfied ?

Rupesh Jain

Rupesh Jain (Expert)
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25 June 2014 you can set of the business loss with another business profit.
you can do this when filing your itr and loss can set off only for 8 year, first in which it determine. and in loss year itr will file with in time as mention in 139(1).