Adjustment of Loss Pvt Ltd Co
This query is : Resolved
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MAKARAND DAMLE
(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 ?
Can expenses with regard to business which will be loss from Business be set off against income from House Property or Other Sources ?
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.
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 ?
One more question
In this case can depreciation be claimed on the asset from which Rent income is received ?
CA R SEETHARAMAN
(Expert)
13 September 2023
Yes, depreciation may be claimed except on land.
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