Carry forward of losses

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 January 2013 The partnership firm consisting of 2Individuals (75% share) and a Private Limited company (25% Share)

The firm has incurred losses and carried forward to next year

During the next year the firm was dissolved and

The company has taken over the firm as a going concern

Whether the loss of earlier firm can be claimed by the company ?

If yes,what percentage?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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13 January 2013 At the time of Dissolution the losses are being debited to the respective partner's capital accounts, however, such losses can not be claimed by the partners in their own returns.
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