set off and carry forward

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Bandaru Rama Rao (Querist)
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18 July 2007 Hi Sir/Madam,
i need clarity regarding the below aspects:

1)Set off and carry forward in case of loss from Discontinued business in -
a)Few yrs back
b)Current yr
2)Will the answer remain the same if the business was carried by their father and discon.... in his life time.

3)If bad debts are recovered pertaining to the dis... business can the same be used to set off and carryforward against other business Loss.

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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28 February 2008 1)(a) You have to specify the number of years; the revival shall be within three years.

(b)Current year, it can be carried forward if it is revived within three years.

2)The assessee has to be same.

3)Yes.