Friends,
can business loss be set-off against Income from House Property?
As per Singhania , It can be.. But in ICAI's Revision Test Papers PCC for May 2008 , in one sum they have not set -off the same..
So what is actually right?
Thanks in advance
9 Replies
CA Gaurav Gupta
(Practice)
(307 Points)
Replied 24 May 2009
u can set off business loss with income of house property only in the first year.
after that u can set off against only business income.
Abhishek Baheti
(Manager)
(40 Points)
Replied 24 May 2009
Current Year business loss could be setoff with Income from House Property. But carry forward business loss could be set off only against business profit and not fro any other source of income.
RAMANJU
(here to updating the knowledge)
(485 Points)
Replied 25 May 2009
There could be something wrong in suggested answere, the above suggestions are correct.
Nitin Grover
(CS)
(1228 Points)
Replied 25 May 2009
hello sir
in any case you forward your loss of any head
once you c/f it then in coming years you can only set off from/under the same head
thanks
CA Tilak Raj Sharma
(Practising CA in Solan (H.P.))
(6374 Points)
Replied 25 May 2009
Yes.........u are correct.
CA Alok Modak
(CA in Practice)
(595 Points)
Replied 25 May 2009
Thanks to all of you for responding so quickly...
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