Income Tax
This query is : Resolved
03 April 2010
can unabsorbed depreciation can be setoff against salary income?
03 April 2010
NO.
03 April 2010
but many say that busines loss cannot be setoff on salary but unabsorbed depreciation can be done against it .is there any case law or facts supporting your views please
CA Ravi Sisodia
(Expert)
03 April 2010
i think yes
CMA Ramesh Krishnan
(Expert)
03 April 2010
No.sec.32(2) Unabsorbed depreciation can be set off any other income except Salaries.so in this case I agree with Mr.Sanjay
CA Ravi Sisodia
(Expert)
03 April 2010
i corrected myself, sec.71 of income tax act says that business loss (includs Unabsorbed depreciation) can not be set- off against salary income.
04 April 2010
RAMESH JI THANKS FOR YOUR ACCEPTANCE.
CA Ashok Kumar Sahu
(Expert)
05 April 2010
agree with expert
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