Unabsorbed depreciation
This query is : Resolved
06 September 2012
can unabsorbed depreciation being carried forward from 5 years be used to set off against incomes from the HEADS House property and Other Sources?
06 September 2012
By Law Interpretation, Unabsorbed Loss Carried forward Can be Set Off Against Any Head Other Than Salary.
But This Matter Can be Taken in Court of Law.
Regards,
But This Matter Can be Taken in Court of Law.
Regards,
07 September 2012
BUT WHAT IF ONLY UNABSORBED DEPRECIATION IS BEING CARRIED FORWARD EVERY YEAR AND THERE IS NO BUSINESS INCOME FROM LAST THREE YEARS.
CAN THEN ALSO UNABSORBED DEPRECIATION BE SET OFF AGAINST INCOMES FROM HEADS LIKE HOUSE PROPERTY AND OTHER SOURCES?
EXAMPLE: unabsorbed depreciation being carried forward from last year is Rs 6 LAKHS
Income from House Property after 30% deduction is 3 LAKHS
Income from other sources is 2 Lakhs.
Can unabsorbed depreciation be be used to set off these 2 incomes?
CAN THEN ALSO UNABSORBED DEPRECIATION BE SET OFF AGAINST INCOMES FROM HEADS LIKE HOUSE PROPERTY AND OTHER SOURCES?
EXAMPLE: unabsorbed depreciation being carried forward from last year is Rs 6 LAKHS
Income from House Property after 30% deduction is 3 LAKHS
Income from other sources is 2 Lakhs.
Can unabsorbed depreciation be be used to set off these 2 incomes?
07 September 2012
Yes, This Can Be Set Off.
Balance 1 Lac Again Can be Carried Forward & Eligible to Set Off Against Next Year Income.
Balance 1 Lac Again Can be Carried Forward & Eligible to Set Off Against Next Year Income.
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