Business loss
This query is : Resolved
08 August 2012
a pvt ltd company incurred business loss in earlier years ,now the business discontinued.
and it has house property income in this year.
is business loss can be set off aginest hp income.
and it has house property income in this year.
is business loss can be set off aginest hp income.
08 August 2012
No carry forward of business loss u/s 72 can be set off only against business profits. It cannot be set off against HP income
However, even if the business is discontinued loss can be set off but only against business income
However, even if the business is discontinued loss can be set off but only against business income
08 August 2012
if the pvt ltd company doing manufacturing goods in earlier year and now contraction of buildings and letting them
in this case can be set off loss in earlier year
in this case can be set off loss in earlier year
08 August 2012
Business Loss Cant be setoff against HP income.
But Unabsorbed Depreciation can be setoff even under any head excluding salary
But Unabsorbed Depreciation can be setoff even under any head excluding salary
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08 August 2012
Hi suresh,
continuation of business is not mandatory for setting of lossess.
So even if business is stopped, its loss can be set off against the losses of new business
continuation of business is not mandatory for setting of lossess.
So even if business is stopped, its loss can be set off against the losses of new business
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