LLP Losses in the hands of partner

Pankaj Arora (Learner) (3134 Points)

22 December 2018  
Hi...

ABC LLP had incurred Rs 1 Lakh loss in the financial year 2018, my query is wheather partner of ABC LLP have to show losses incurred by LLP in their personal ROI.


As per my understanding, if there if profit earned by the firm that's exempt in the hands of partners, and when losses incurred by the firm that losses should be carried forward by firm only.