Adjustment of Loss Pvt Ltd Co

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A Private Limited Company with income solely from House Property and Other Sources can indeed set off losses from business (excluding speculative business) against these income heads. Furthermore, depreciation can be claimed on assets generating rental income, with the exception of land.

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(Querist)
08 September 2023 A Private Limited Company has income from House Property and Other Sources. Does not have any business income

Can expenses with regard to business which will be loss from Business be set off against income from House Property or Other Sources ?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
08 September 2023 Yes, Business loss other than speculative business can be set off against any head of income except income from salary.
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MAKARAND DAMLE

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MAKARAND DAMLE (Querist)
13 September 2023 Thanks for reply
One more question
In this case can depreciation be claimed on the asset from which Rent income is received ?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
13 September 2023 Yes, depreciation may be claimed except on land.
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