Carry forward of business loss
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 December 2015
Since last 4 years, In my mother's account, there is a carry forward loss from Share trading activity which is shown as business loss. I want to know that in case of inheritance, can i get the balance number of years to carry forward those losses or not ?
Is there any other way, like showing acquisition of business, I get such benefit in her absence ?
Is there any other way, like showing acquisition of business, I get such benefit in her absence ?
CA PARAS BAFNA
(Expert)
31 December 2015
As per Section 78(2) losses can not be c/fd if the succession is otherwise than by inheritance. Conversely, if succession is by inheritance, losses can be c/fd by the successor. So you are eligible.
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