Set off of loss of partnership firm
This query is : Resolved
ACS Santosh Soni
(Querist)
13 July 2014
i am a partner in partnership firm and also have one proprietorship firm. can i setoff share of loss from partnership firm with profit from proprietorship firm.
Nikhil Kaushik
(Expert)
14 July 2014
loss/profit from partnership firm is exempt from taxation. so there is no set off possible.
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