My spouse and I have jointly started a business and I am the only contributor in the capital.This year we incurred a loss of 2.45 lakhs.I am also a salaried professional so can I claim for the loss of income from other soruces?
Can i claim loss of income for a business
Replies (5)
No.
Loss from Business should be shown as Business Loss & not at Other Sources Loss.
Such Loss can be Carry forward for 8Years.
There is no relevance of Capital Contribution as far as Profit-Loss of Business is Concerned. Such loss is divided in your Profit & Loss Sharing Ratio & Taxed respectively.
Business loss (normal not speculation) can be set off againt any head of income other than salary head (year in which loss incurred)
And it also be carry forward for next 8 years
Business loss (normal not speculation) can be set off againt any head of income other than salary head (year in which loss incurred)
And it also be carry forward for next 8 years
Agree with above opinion.
Agree with the opinion of Mr. Deepak Soni
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