Dear All,
It will be quite a help if u can reply to the following query:
Is it possible to set off Unabsorbed depreciation with the salary income.
6 Replies
Jayant Shaligram
(Service)
(146 Points)
Replied 05 July 2007
Hi,
No this can't be done .
I am not mentioning or writing Section 32(2) of the I T Act.
However, please refer Taxmann's Direct Taxes Law & Practice - (For Final CA students) 37 th Edn. AY 2007-08 By Singfhanias, Para 109.9 page 285 which should solve your doubt.
Thanks.
Jayant Shaligram
No this can't be done .
I am not mentioning or writing Section 32(2) of the I T Act.
However, please refer Taxmann's Direct Taxes Law & Practice - (For Final CA students) 37 th Edn. AY 2007-08 By Singfhanias, Para 109.9 page 285 which should solve your doubt.
Thanks.
Jayant Shaligram
sundar
(executive - accounts)
(22 Points)
Replied 05 July 2007
Upsorbed Deprn. shall not be set off against salary
C.Balaji
(Learner)
(1867 Points)
Replied 04 August 2009
unabsorbed depn. cannot be set off against salary income.......... as it is also a business loss..... it can be set off against any other head of income except salary....
PRAVEEN KUMAR
(MBA (Finance) B.Com.(P))
(3443 Points)
Replied 04 August 2009
yes,
you can not adjust/sett off unabsorbed depreciation with salary income
Vaibhav
(CA IPCC Student)
(34 Points)
Replied 31 March 2010
Unabsorbed Depreciation is an exception to the rule that business losses cannot be set off against salary income.
It can definitely be set off against salary income.This is a very debatable topic as 90% of the people are mistaken about this concept.
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