Business Loss in a Partnership Firm.
This query is : Resolved
Gyan Chand Agarwal
(Querist)
05 May 2023
In a partnership firm, most of the fixed assets (except one office premises) has been sold out upto F.Y. 2021-22. No manufacturing activity in F.Y. 2021-22 & 2022-23. Bank Charges, Prof. charges etc. paid in F.Y. 2022-23, whether can be claimed as business loss after adjusting interest income of Rs.4,000/- and such loss can be carried forward in next year?
05 May 2023
Yes, it can be. But only against future business income of the firm. If you wish to close the firm, partners will not be able to claim any loss.
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