how we declare loss in partnership firm
This query is : Resolved
19 January 2017
a husband and wife have 2 vehicle (bus) but thay handover their vehicle to a school till the loan repaid completely thay doesn't receive any income from school. after loan paid completely by school ( loan repaid in school children bus fee) they got ownership of bus as partner. now my question is how thay declare their loss in itr ( loss account)
19 January 2017
Consider total repayment of loan as rental income of the firm. The expenses are interest element in the repayment portion, depreciation on vehicle and road tax and insurance.
Declare the net income/loss in the return.
Declare the net income/loss in the return.
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