Loss on income from other sources
This query is : Resolved
07 April 2016
I'm a Salaried individual, and receive salary from my employer after TDS deductions.
Wanted to know, can I adjust the below loss from my salary income to claim return from IT Dept.:
I've given Loan to a family proprietorship firm (in my Father's name), which has gone bad and will not be recoverable now.
1. Can I adjust it as a Loss on Income from Other sources head, along with my Salary Income and claim a return on the TDS deducted by my employer?
2. For the above Sole Proprietorship firm, in my Father's name, will he have to get his accounts audited and prepared by CA, or can he do it himself, without any CA's audit, and file his IT return himself?
Regards,
Yatan Marwaha
Wanted to know, can I adjust the below loss from my salary income to claim return from IT Dept.:
I've given Loan to a family proprietorship firm (in my Father's name), which has gone bad and will not be recoverable now.
1. Can I adjust it as a Loss on Income from Other sources head, along with my Salary Income and claim a return on the TDS deducted by my employer?
2. For the above Sole Proprietorship firm, in my Father's name, will he have to get his accounts audited and prepared by CA, or can he do it himself, without any CA's audit, and file his IT return himself?
Regards,
Yatan Marwaha
08 April 2016
1. you cannot sett off loss against your salary income.
2. yes he can but he has to be knowledgeable and aware to rules but my personally recommendation not to take any unnecessary risk if your father has not filed any return before.Consult any CA or consultant near your area for your case.
2. yes he can but he has to be knowledgeable and aware to rules but my personally recommendation not to take any unnecessary risk if your father has not filed any return before.Consult any CA or consultant near your area for your case.
08 April 2016
Thanks for the prompt reply!
I read somewhere we can adjust loss if it is not a loss from business or profession of my own?
So, it's like, I gave money to someone as a loan, which was not for my business, and this Loan has turned into a bad debt.
I read somewhere we can adjust loss if it is not a loss from business or profession of my own?
So, it's like, I gave money to someone as a loan, which was not for my business, and this Loan has turned into a bad debt.
08 April 2016
Yes, but as a salary employee you cannot. In Business & Profession income these kind of loss available then it can be sett off against income.
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