I incurred loss in a partnership firm where I will should show this...I don't want to carry forward but where should I show this in my personal return
9 Replies
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 07 June 2019
under the head business and profession. you can set off the loss against IFOS or house property and c/f the same. you cannot show it without c/f to succeding year
JITENDRA SINGHVI
(SELF EMPLYOED)
(211 Points)
Replied 07 June 2019
But this loss will be carried forward in firms return...since profit from partnership firm is exempt in the hands of partner..in the same way loss also don't have any impact on personal return of partner...my problem is that where should I show this..since utility is not taking negative figures..
Priya Kashyap
(Student)
(7053 Points)
Replied 07 June 2019
under which section is thus profit to partner exempt
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 07 June 2019
10(10A)
you need to show it as deduction from capital account
you need to show it as deduction from capital account
(Guest)
| Originally posted by : JITENDRA SINGHVI | ||
 |
I incurred loss in a partnership firm where I will should show this...I don't want to carry forward but where should I show this in my personal return |  |
You cannot show negative exempt income in your ITR. And such loss is filed in partnership firm's ITR.
Prachi Bansal
(3129 Points)
Replied 04 April 2021
where can I show the loss which happened in the partnership firm?
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