Loss
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 May 2010
A co. Named XYZ having:
-Business of construction
-no income from construction during the year.
-only rent income from house property during the year.
-there are also some administrative expenses like Audit fee/bank charges..etc
so there would be loss during the year.
now my query is that whether loss could be carried forward next yr or setoff against rent income as there is no business income during the year.
regards
Abhishek Sharma
-Business of construction
-no income from construction during the year.
-only rent income from house property during the year.
-there are also some administrative expenses like Audit fee/bank charges..etc
so there would be loss during the year.
now my query is that whether loss could be carried forward next yr or setoff against rent income as there is no business income during the year.
regards
Abhishek Sharma
26 May 2010
As per Section 71(1) of Income Tax act, 1961, business loss can be set off against Income from house property. If there is any loss available even after set off, then the loss can be carried forward and set off against Income from business in the next assessment year.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- Supply through E-commerce Operators
- TAN for Partnership
- Sales return eway bill
- Relief u/s Section 89
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- STCG on ETF gold & silver
- If there is Long term capital gain exists how much total income to be considered
- GST Rate applicable for 0% Food Items sold by an Industrial Caterer
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
