My client is carrying on restarunet business as a partnership firm in which he iincurs a loss of Rs.800000, In addition to this he also operates another business as sole propritor in which there is a profit of Rs 500000. Now he want to wind up the operations of partnership firm......Weather loss or Rs 800000 is of any use for him or it is worthless?
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Set off and carry forward of loss
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Partnership firm is a different person as per Income Tax Act, 1961 & its loss can be carried forward only by it.
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