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Set off and carry forward of losses

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Querist : Anonymous

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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 ?
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
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.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
23 May 2017 Yes it can be set off treating rental income from godown a commercial property under business income.
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Expert : Anonymous

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Expert : Anonymous (Expert)
23 May 2017 If rental income is considered as business income you can set off such loss
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