Carry forward of losses
This query is : Resolved
01 December 2014
sir there are 3 partners in my firm & there is loss in my firm. one partner died & i want to know wheather i am allowed to carry total loss or only share of loss of 2 partners. pls give me answer in reference to any sections or caselaws.
01 December 2014
in case of death also still the firm have to c/f only loss of 2 existing partners share
Rupesh Jain
(Expert)
01 December 2014
LOSS CAN CARRY FORWARD BY THE REMAINING TWO APRTNERS.
01 December 2014
no, it cannot caary forward fully as only to thier extent the existing partners can c/f
01 December 2014
sir that i know that remaining two partner is allowed to carry forward the loss but I want to know wheather share of loss of third partner is also allowed to be carry forward by remaining partner. sir thax for your kind initiative but pls support your answer with relevant section or caselaws pls sir
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