Whether a non speculative loss be set of against share of profit of a partner of a firm carrying on CA practice and whether any CA rules affects dis?
3 Replies
vivek singhal
(Chartered accountant)
(79 Points)
Replied 10 February 2010
Dear sri ram ,
Share of a partner from the firm is exempt u\s 10 and non speculative loss can not be set off from the share only individual loss can be set off against this share i.e. loss under head house property.
vivek singhal
(Chartered accountant)
(79 Points)
Replied 10 February 2010
dear
speculative loss first is set off from the business income and after that profit is distributed from this income
vivek singhal
(Chartered accountant)
(79 Points)
Replied 10 February 2010
sorry dear not "speculative "but non speculative loss
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