Set off and carry forward of depreciation

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Ishan Jain (Querist)
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30 December 2013 In case an individual is having income from salary, can he set off his income from salary against depreciation from his proprietary concern?
Can we use it as a tax planning option?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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30 December 2013 No it can not be done. Unabsorbed depreciation can not be set off against salary income.

Refer below link for details regarding "SET OFF AND CARRY FORWARD OF LOSSES".

http://wirc-icai.org/wirc_referencer/income%20tax%20&%20wealth%20tax/Set%20Off%20And%20Carry%20Forward%20of%20Losses.htm