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?
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
(Expert)
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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