Set off

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 August 2011 please tell me unabsorbed depreciation canbe set off against salary income.

please also tell me how to represent the answer of set off to get good marks.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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23 August 2011 Unabsorbed depreciation cannot set off against salary income. please refer section 32 and write accordingly to how unabsorbed deprecation can be set off

Querist : Anonymous

Querist : Anonymous (Querist)

23 August 2011 but in some examples it is set off in the notes of m.k gupta sir .house property loss is set off against salary.and there is no restriction regarding unabsorbed depreciation.

But in some books unabsorb dep. is not set off.
please also tell me how to represent the answer.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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23 August 2011 Depreciation is a loss covered under the chapter of Business & Profession.
Unabsorbed loss becomes the part of the depreciation of subsequent year and as such
its head does not changes and it remains under the head Business & Profession.

U/s 71(2A) it has been provided that loss under the head of business and profession can not be set off against Salary Income.

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