Bhumin (Article) (37 Points)
16 March 2011Can Unabsorbed depreciation setoff against salary income?
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.
Pls reply after reading attached file herewith.
Lalit Kumar
(Vice President )
(2213 Points)
Replied 16 March 2011
Wo.. me too was very much confused by it.. thanks for sharing..
vikram singh
(N/A)
(23 Points)
Replied 04 December 2011
Hi
I have Income from Salary.
Company allow conveyance allowance rs 200 per month. For attending the job, i use my car and incurre 5000 rs as petrol expenses. over and above depreciation of Car...
Can this be sett off somewhere while arriving at taxable income ? After all in order to gain the salary this is the expense i have to incurre.
Secondly I also have a Loss from Sale of House property, Can this also be sett off from my Income from Salary.
Please suggest.
Regards
Inder Singh
vikram singh
(N/A)
(23 Points)
Replied 04 December 2011
Hi
I have Income from Salary.
Company allow conveyance allowance Rs. 200 per month. For attending the job, i use my car and incurre 5000 Rs. as petrol expenses. over and above depreciation of Car...
Can this be sett off somewhere while arriving at taxable income ? After all in order to gain the salary this is the expense i have to incurre.
Secondly I also have a Loss from Sale of House property, Can this also be sett off from my Income from Salary.
Please suggest.
Regards
Inder Singh
raja
(Article)
(21 Points)
Replied 31 July 2012
in case law of chandrakumar vs ACIT 189 TTJ 489 Dated 20 nov.2009 where unabsorbed depreciation can not be set off against salary income.
pls.relye me sir .....
CAclubindia
