27 April 2023
In fy 2022-23 I make loss of 80k in which 50k is goverment charges only and i need to carry forward it.
First question, is my 80k total loss will be carry forward or goverment charges can't get carryforward ?
Second question, i don't have any taxable busines income my father has taxable business income can I deduct my loss from his taxable amount he is nominee in my trading account. Or i need to carry forward it separately on my account ?
27 April 2023
1. Yes, you can carry forward the losses including charges payable over the trade. 2. No, you cannot adjust loss from your business with business income of your father.
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