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Personal income of the proprietor

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(Querist)
14 July 2016 Ay 2016-17 there is some personal income on account of rent receipt credited into saving bank account of the proprietor of some proprietary concern but there is a business loss in the proprietary concern. Suppose business loss is Rs 100 and the personal income is Rs 200 = Taxable income will be Rs 100 or Rs 200
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Soumitra Basu

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Soumitra Basu (Expert)
16 July 2016 taxable income will be 100 provided such other income is not from capital gain or salary.
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TARIQUE RIZVI

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TARIQUE RIZVI (Querist)
16 July 2016 If your have Income from house property for the same A.Y you can sett off business loss against such Income.
However I suggest you should read the provisions of section 71 of the Income tax Act, 1961 regarding the same for better understanding of the provisions in context to your situation. Am I right sir ?
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