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interest income from partnership firm
can depreciation be adjusted against interest income from a partnership firm in case of assessment of partner
Replies (5)
You mean.,
Partner's own ITR...?
If Yes.... Yes... If Individually deal any other business income or other his self capacity.
Partner's own ITR...?
If Yes.... Yes... If Individually deal any other business income or other his self capacity.
this current year he does not have any other income except interest income from partnership firm, previous year He was having other buisness income and depreciation was adjusted, but this he do not have other income, but he have calculated depreciation, will it be adjusted in Itr of partner
depriciation can be adjusted from any source of income for infinit yr
The Partner can't close his individual business. So, He will depreciate the asset (individual Business) then he must prepare BS and PandL for the Individual business then he can set off the value his total income (Partnership and Individual).
but this year he have not done any buisness, but many previous years he have done buisness, this year only interest income from partnership firm
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