Partnership business income
This query is : Resolved
24 June 2014
sir,
A partnership business letting out its building and machinery to third party and receiving rent Rs.600000 pa. this is the only source of income of the firm, there is unabsorbed depreciation amounting to 450000,
how to treat rental income ,can i claim setoff?
A partnership business letting out its building and machinery to third party and receiving rent Rs.600000 pa. this is the only source of income of the firm, there is unabsorbed depreciation amounting to 450000,
how to treat rental income ,can i claim setoff?
24 June 2014
yes set off is allowed in this case no restriction on it.
24 June 2014
how to treat this income,wheter othersource or business income?
rent amount is inseperable
rent amount is inseperable
24 June 2014
it is income from business only and set off allowed.
24 June 2014
it is income from business only and set off allowed.
24 June 2014
you can file return under the income form business and set off the loss of previous year.
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