Can loss be carried forward only by the person, who has incurred the loss? Its urgent....................................................
Menu
Carry forward of losses
Replies (3)
Generally yes. However there are some exceptions sec 78(2)
1. by way of inheritance - If a person dies then his legal heir can carry and setoff loss in balance no. of years. (however unabsorbed depreciation can't be c/f)
2. amalgamation - refer section 72A, 72AA, 72AB
3. Succession of proprietary concern or firm by company - refer sec 47(XIII), 47(XIV)
4. Demerger
in some cases no.
Loss can be generally carried forward by the same person. however there is an exception to the rule i.e in case of inheritance, Also the Act provides special cases such as Amalgamation, demerger,sucession of proprietary firm or concern by company (subject to the fulfillment of conditions specified therein) where the successor can carryforward the loss.
Recent Topic
- Which ITR form
- Form 103 id delayed for submission for more than 1
- Composition scheme
- Input tax credit under igst under insurance compan
- ITR Form to be used
- CGAS account Holder Deceased
- ITR form suggestion
- Post office KVP income.
- Free GST invoice tool I built for my practice R
- Clarification on Gratuity Exemption under Section
Related Topics
CAclubindia
