28 August 2016
Sir, shall we claim the losses incurred in previous years in following years if there is any change of partners in a partnership firm
if yes, please tell me the section
31 August 2016
hi sir
if husband is a partner in a firm if he died then his wife can claim his losses in following year if she becomes partner in the same firm...
01 September 2016
Carry forward and set off of losses in case of change in constitution of firm or on succession. 78. (1) Where a change has occurred in the constitution of a firm, nothing in this Chapter shall entitle the firm to have carried forward and set off so much of the loss proportionate to the share of a retired or deceased partner as exceeds his share of profits, if any, in the firm in respect of the previous year. (2) Where any person carrying on any business or profession has been succeeded in such capacity by another person otherwise than by inheritance, nothing in this Chapter shall entitle any person other than the person incurring the loss to have it carried forward and set off against his income.