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Partnership Dissolution

This query is : Resolved 
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(Querist)
10 September 2010 one of our clients is a partnership concern and the firm has been suffering losses for the past few years and as such has decided to shut shop. The firm has a brought forward loss of nearly 21 Lakhs and the query I have is whether this loss upon dissolution can be carried forward and adjusted against the incomes of the partners in their personal capacity.. If yes what is the period of carry forward allowed and if no the reason and relevant section for the same..

thanks and regards
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CMA. Dinesh S Adhikari, ACMA

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CMA. Dinesh S Adhikari, ACMA (Expert)
11 September 2010 Because this loss has been incurred by the partnership firm therefore only firm is eligible to claim that loss by partners in their personal capacity.

Therefore, all loss will be lapse in case of partnership dissolved.

Regards!!!
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Adhithya

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Adhithya (Querist)
11 September 2010 Thank You Sir
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NITIN SHARMA

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NITIN SHARMA (Expert)
12 September 2010 NO BECAUSE AFTER DISSOLUTION THE ENTITY OF FIRM HAS ALSO BE DESOLLVED SO THEIR PARTNERS ALSO LEPSED THIE ENTITY REGARDING FIRM.
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Adhithya

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Adhithya (Querist)
12 September 2010 Thanks Mr. Nitin
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