Set off and carry forward of depreciation
This query is : Resolved
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?
Can we use it as a tax planning option?
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".
https://wirc-icai.org/wirc_referencer/income%20tax%20&%20wealth%20tax/Set%20Off%20And%20Carry%20Forward%20of%20Losses.htm
Refer below link for details regarding "SET OFF AND CARRY FORWARD OF LOSSES".
https://wirc-icai.org/wirc_referencer/income%20tax%20&%20wealth%20tax/Set%20Off%20And%20Carry%20Forward%20of%20Losses.htm
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