Business loss

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SURESH (Querist)
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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.

srinath

srinath (Expert)
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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

SURESH

SURESH (Querist)
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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

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CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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08 August 2012 Business Loss Cant be setoff against HP income.
But Unabsorbed Depreciation can be setoff even under any head excluding salary

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srinath

srinath (Expert)
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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

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