Set off and carry forward of losses
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 May 2017
Suppose In previous year i have trading loss and in current year due to loss in p.y. trading activity is closed and all the godown is given to rent and in current year i have profit from that rent income so loss from trading can set off against rental income ?
23 May 2017
No You Can't set off as brought forward losses set off from Same head only. You can Set off Business Loss from Business Profits only in next 8 A.Y.
23 May 2017
Yes it can be set off treating rental income from godown a commercial property under business income.
Expert : Anonymous
Expert :
Anonymous
(Expert)
23 May 2017
If rental income is considered as business income you can set off such loss
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