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interest income from partnership firm

manmohan baheti (student) (112 Points)

10 October 2018

can depreciation be adjusted against interest income from a partnership firm in case of assessment of partner

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RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 10 October 2018

You mean.,
Partner's own ITR...?
If Yes.... Yes... If Individually deal any other business income or other his self capacity.

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manmohan baheti (student) (112 Points)
Replied 10 October 2018

this current year he does not have any other income except interest income from partnership firm, previous year He was having other buisness income and depreciation was adjusted, but this he do not have other income, but he have calculated depreciation, will it be adjusted in Itr of partner

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Karan (ca) (25 Points)
Replied 10 October 2018

depriciation can be adjusted from any source of income for infinit yr

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 10 October 2018

The Partner can't close his individual business. So, He will depreciate the asset (individual Business) then he must prepare BS and PandL for the Individual business then he can set off the value his total income (Partnership and Individual).