set off and carry forward of lossses
This query is : Resolved
ravi agarwal
(Querist)
17 July 2011
sir , i want to ask
1) whether loss of house property or UNABSORBED DEPRICIATION can be set off against salary income ? in nutshell sir i nwant to ask whether any of the income can be set off against salary income?
2) sir if any loss cant be set off because of insufficiency of profit under same head or another head then in subsequent years that loss can only be set off against income under same head .. sir i want to ask whether there is any excception to this?
1) whether loss of house property or UNABSORBED DEPRICIATION can be set off against salary income ? in nutshell sir i nwant to ask whether any of the income can be set off against salary income?
2) sir if any loss cant be set off because of insufficiency of profit under same head or another head then in subsequent years that loss can only be set off against income under same head .. sir i want to ask whether there is any excception to this?
CA PARAS BAFNA
(Expert)
17 July 2011
1) whether loss of house property or UNABSORBED DEPRICIATION can be set off against salary income ? in nutshell sir i want to ask whether any of the income can be set off against salary income?
Ans: Loss from house property can be set off in the same year against Income from Salaries.
But Depreciation loss is a kind of business loss and business loss can not be set off against same year's Salary Income.
Ans: Loss from house property can be set off in the same year against Income from Salaries.
But Depreciation loss is a kind of business loss and business loss can not be set off against same year's Salary Income.
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CA PARAS BAFNA
(Expert)
17 July 2011
if any loss cant be set off because of insufficiency of profit under same head or another head then in subsequent years that loss can only be set off against income under same head .. sir i want to ask whether there is any excception to this?
Reply- The exception is again Depreciation Loss. It never becomes old. It is treated as fresh as if it is of current year or of the same year's depreciation.
As it becomes loss of the same year by the above virtue, it can be set off against any income except salary income.
Reply- The exception is again Depreciation Loss. It never becomes old. It is treated as fresh as if it is of current year or of the same year's depreciation.
As it becomes loss of the same year by the above virtue, it can be set off against any income except salary income.
ravi agarwal
(Querist)
21 July 2011
means sir ,
unabsorbed depriciation of any of the p.y. can be set off against current year's income except salary?
unabsorbed depriciation of any of the p.y. can be set off against current year's income except salary?
CA PARAS BAFNA
(Expert)
21 July 2011
Yes. In case there is no b/fd business loss,and only unabsorbed depreciation is there, we can add it with the current year's depreciation.
As such it become the part of the current year's expenditure and eligible for set off against the profit of the current year.
Further, Current year's depreciation can be set off against any other income except salary.
As such it become the part of the current year's expenditure and eligible for set off against the profit of the current year.
Further, Current year's depreciation can be set off against any other income except salary.
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