Set off of losses
This query is : Resolved
12 March 2014
Business is not continued since April 2013. Having carry fwd loss of Rs. 18 lacs of year 12-13. Now in June 13 factory building sold for Rs. 260 lacs. And some of other income is Fixed deposits Interest. Now can the company set off last year's loss with current years above income?
12 March 2014
No the loss cannot be carried forward in case of the unit is sold. The year in which business income is derived it can be set off in that year up to 8 years. It is too early you have to wait for another 7 years to carry forward the losses as you have not sold the company or the firm as a whole you have sol;d the machinery only.
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