Carry forward of loss
This query is : Resolved
02 August 2010
In the following cases whether the loss can be carry forward-
1.Loss of HUF where the business of the HUF has been takenover by one of its members
2.B/f loss of afirm succeeded by another firm
3.b/f loss of a proprietary bs takenover by a firm consisting of the sole proprietar as partner also
4.Partnership firm takenover by one or more partners
Please explain the provisions in detail. I am bit confused in sec.72A
Thankyou
1.Loss of HUF where the business of the HUF has been takenover by one of its members
2.B/f loss of afirm succeeded by another firm
3.b/f loss of a proprietary bs takenover by a firm consisting of the sole proprietar as partner also
4.Partnership firm takenover by one or more partners
Please explain the provisions in detail. I am bit confused in sec.72A
Thankyou
02 August 2010
loss of retired or deceased partner shall not be allowed to be carried forward by the firm.... however for unabsorbed depreciation it is not applicable
business or profession loss of the predecessor shall not be set off in the hands of the successor unless the succession is by the way of legal inheritance
business or profession loss of the predecessor shall not be set off in the hands of the successor unless the succession is by the way of legal inheritance
Message likes :
1 times
02 August 2010
cn u explain me these provisions in detail and simple language i found these quite confusing in the manner explained in book
03 August 2010
brought forward loss of a firm can be taken over by another firm only if all the partners are same...
suppose the ealier firm has A B C D E as partners and they share profits and losses equally... loss is say rs. 5 lacs and in new firm A C F G are partners then loss of B and D ie Rs. 2 lacs cannot be carried forward. in other words only 3 lacs can be carried forward.
loss of sole prop can be carried forward by a firm if he is a partner in tat firm
suppose the ealier firm has A B C D E as partners and they share profits and losses equally... loss is say rs. 5 lacs and in new firm A C F G are partners then loss of B and D ie Rs. 2 lacs cannot be carried forward. in other words only 3 lacs can be carried forward.
loss of sole prop can be carried forward by a firm if he is a partner in tat firm
Message likes :
1 times
03 August 2010
Is provision in case of succession and takeover different/
What is the answer of case-1?
What is the answer of case-1?
03 August 2010
other than succession by way of inheritance there cannot be any set off in case of individual and HUF....
Message likes :
2 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- Type of Capital Gain
- VALUATION OF PRIVATE LIMITED COMPANY SHARES
- Average Cost Of High Quality Diamonds
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
