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Clubbing of losses

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(Querist)
04 August 2012 Clubbing of Income for husband/wife is well known.
But, How does clubbing of losses work? If husband is the primary Income generator and files returns, can the losses from wife's business activity be clubbed and how?

Thanks,
Kapil
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CA CS Amit S. Kedia

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CA CS Amit S. Kedia (Expert)
04 August 2012 Yes,

It is also well known/well settled position of law that Income incudes losses also.
hence, it will be clubbed in your hands.
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CA CS Amit S. Kedia

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CA CS Amit S. Kedia (Expert)
04 August 2012 Also read Explanation 2 of section 64-"For the purposes of this section, "income" includes loss".

Thanks.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
04 August 2012 The clubbing procedure will be carried on under the same head of income.
.
To the extent of profit available in the husband's computation, losses of wife's business(which are going to be clubbed by following or by the virtue of clubbing provisions) will get set off. The Balance if any will be carried forward by the husband.
.
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