Set off of Business Income from Interest & Remuneration
This query is : Resolved
CA Jay Kumar Sharma
(Querist)
15 February 2011
My Query is :-
Mr. A is partner in many firms and gets Remuneration and Interest on Capital from there. further, He carries a casual Business on individual capacity and has suffered Business loss.
I want to know that Business Loss from causal business can be set off from the Remuneration & interest on capital received form partnership firm?
Mr. A is partner in many firms and gets Remuneration and Interest on Capital from there. further, He carries a casual Business on individual capacity and has suffered Business loss.
I want to know that Business Loss from causal business can be set off from the Remuneration & interest on capital received form partnership firm?
Sunil Kr. Sanganeria
(Expert)
15 February 2011
Share of profit from Partnership is exempt under Income Tax therefore it is not allowed to adjust any business loss against it.
If you have loss from other business that can be adjusted against Interst on capital.
If you have loss from other business that can be adjusted against Interst on capital.
CA Jay Kumar Sharma
(Querist)
15 February 2011
Thank You Sir,
But you have mentioned only Interest on Capital, but can we set off same loss from Remuneration also.
But you have mentioned only Interest on Capital, but can we set off same loss from Remuneration also.
Sunil Kr. Sanganeria
(Expert)
15 February 2011
Remuneration from Partnership firm can be adjusted against business loss
CA Jay Kumar Sharma
(Querist)
15 February 2011
Thank you sir
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