current year depreciation being set off against salary incom

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

12 June 2010 Respected Sir
if an assessee has only salary income,
and current years business loss excluding depreciaion is Rs. 90,000 and current years depreciation is Rs. 60,000/-.

will the assessee able to set off current years depreciation against the salary income???

Sir, I came to know that " Since Sec 32 (2) is silent about the set off of current year's depreciation against income under any other head, and no court decisions are available in that regard,
THE BENEFIT OF SET OFF IS GIVEN TO THE ASSESSEE IN THE ABOVE QUESTION.."

mohit

mohit (Expert)
Follow

12 June 2010 Unabsorbed depreciation can not be setof against salary income. Reason being no other loss except house property can be set off against salary income.

Querist : Anonymous

Querist : Anonymous (Querist)

12 June 2010 Mr. Mohit,
I know that but what about,
" Since Sec 32 (2) is silent about the set off of current year's depreciation against income under any other head, and no court decisions are available in that regard,
THE BENEFIT OF SET OFF IS GIVEN TO THE ASSESSEE IN THE ABOVE QUESTION.."

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Adesh Mahajan

Sharad Jain

CMA Sajin Odupara

vinal

sunjeev batra

Subscribe Now

current year depreciation being set off against salary incom

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Senior Executive

Accountant

CA Final