Menu
Set off loss
An assesse getting Business Income as Interest on Capital and Partner Salary from a Firm in which he is a Partner amounting to Rs.10,00,000/-. During the same financial year, he incurred loss from Derivative Business (Future & Option of Shares) done through Recognized Stock Exchange amounting to Rs.15,00,000/-. Whether this Business Loss can set off against the Business Income of Interest on Capital and Partner Salary from a Partnership Firm
Replies (2)
| Originally posted by : P.SHANMUGASUNDARAM | ||
 |
An assesse getting Business Income as Interest on Capital and Partner Salary from a Firm in which he is a Partner amounting to Rs.10,00,000/-. During the same financial year, he incurred loss from Derivative Business (Future & Option of Shares) done through Recognized Stock Exchange amounting to Rs.15,00,000/-. Whether this Business Loss can set off against the Business Income of Interest on Capital and Partner Salary from a Partnership Firm |  |
Yes you can get set off since future and option is ordinary business
Recent Threads
- TAX ON SALE OF COMPANY'S SHARES
- Refund on Hold - Section 245
- CLARITY REGARDING ESIC WAGE CALCULATION AFTER NEW
- GST Rule 14A for Export of Service with Hypothetic
- GST ON QUERY
- Initimation on AIS
- GST on sponsorship from foreign body corporate
- Revised Income tax return karna padega kya
- Registration as deductor on traces site
- Rental Income from a Joint Holding property
Related Threads
CAclubindia
