IS UNABSORBED DEPRRECIATION CAN BE SETOFF FROM SALARY OR NOT

Page no : 2

(Guest)

under sec 57 ,it is made clear that which deductions are allowed(incl.dep 32(2)) and again under sec 58(4) it is said which are not permissible(includes sec 57)..Hence,it can be concluded.

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CA Trinath Galla (student) (3130 Points)
Replied 04 November 2009

Originally posted by :neha jain
"	under sec 57 ,it is made clear that which deductions are allowed(incl.dep 32(2)) and again under sec 58(4) it is said which are not permissible(includes sec 57)..Hence,it can be concluded.	"

ya fine neha.....

it is clear now.

thanks for ur view.

Sumit Jain (CA) (4760 Points)
Replied 04 November 2009

yes unabsorbed dep can be set off from salaries

CA Trinath Galla (student) (3130 Points)
Replied 04 November 2009

Originally posted by :Sumit Jain
"	yes unabsorbed dep can be set off from salaries	"

it can not be set-off yaar.

go and read sec-32(2)

(Guest)

kahani mein naya twist.....how Sumit.???give your views..but first read sec 32(2)..

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CA Trinath Galla (student) (3130 Points)
Replied 04 November 2009

actually this discussion started when sum one asked that whether it can be set-off against slaries.

after concluding dat it can not be done against salaries.....

a new query arose whether it can be done against winnings.

read the whole discussion atleast.....

(Guest)

Originally posted by :Trinath
"	actually this discussion started when sum one asked that whether it can be set-off against slaries. after concluding dat it can not be done against salaries..... a new query arose whether it can be done against winnings. read the whole discussion atleast.....	"

I think no more discussion is required on this topic and after reading sec 32(2) and sec58(4),,Sumit would also be clear in his views.

CA Dhiraj Ramchandani (CA, M. com) (10823 Points)
Replied 04 November 2009

Originally posted by :Sumit Jain
"	yes unabsorbed dep can be set off from salaries	"

Please.... I want some experts' comment on this post.... Please...

CA Devanshi Gandhi (Ajani) (FCA DISA Mcom CIFRS & LLB) (9060 Points)
Replied 04 November 2009

it can not be sett off

CA Trinath Galla (student) (3130 Points)
Replied 04 November 2009

Originally posted by :D н ! я σ √
"	Originally posted by :Sumit Jain " yes unabsorbed dep can be set off from salaries " Please.... I want some experts' comment on this post.... Please...	"

dhiraj, no need of experts advice.

we discussed much on this n referred many books.

it can not be set off against salaries according to sec 32(2) n winnings from lotteries according to sec 58(4)

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CA Dhiraj Ramchandani (CA, M. com) (10823 Points)
Replied 04 November 2009

I know Trinath..., but i really wanted someone to reply him hardest.... Coz, he has replied the same in ur another post too...

CA Dhiraj Ramchandani (CA, M. com) (10823 Points)
Replied 04 November 2009

"In case of income in the nature of winning from lotteries, crossword puzzles, races including horse race and games of any sorts, etc, no deduction for expenses or allowances shall be allowed which are incurred in connection with such income. However, this provision of disallowance does not apply in computing income from the activity of owning and maintaining race horses of an assessee being the owner of the horses maintained by him for running in horse races."

that means NO EXPENSES ARE ALLOWED