can loss from letting out machinery can be setoff against other income????
jaya krishna
(Chartered Accountant)
(262 Points)
Replied 12 December 2015
if it is a business activity u can setoff with other business income not with salary income
Ruchi
(CA)
(1410 Points)
Replied 13 December 2015
Yes, loss from letting out machinery can be set off against 'other income' whether the said letting comprises loss from business income or 'other sources' .
harish sama
(Article assistant)
(81 Points)
Replied 13 December 2015
Agreed with Ms. Ruchi. The loss from leasing out or letting out of Plant and machinery can be set off against Income from business or income from other souces also, not particularly that the income comprises business income.However such loss cannot be allowed as deduction from certain incomes like winning from lotteries, races including horse races,card games and other games of any sort or form, gambling or betting of any form or nature as the sec 58(4) of the Income tax act do not allow any deduction from the incomes earned from the sources aforementioned.
So the answer for your question is YES, CAN BE SET OFF AGAINST INCOME FROM OTHER SOURCES ALSO
hope your doubt clears :-)
pavan
(Private)
(222 Points)
Replied 13 December 2015
IT IS NOT MENTIONED IN THE PROBLEM DAT IT IS A BUSI ACTIVITY OR NOT??
JUST GIVEN LIKE DIS
LOSS FROM LETTING OUT MACHINERY AND PLANT -250000
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