Loss form Business
Rajan Gumnani (Service) (114 Points)
09 October 2007
Can I set off my loss from business against my salary income.
1 Replies
siddharth
(C.A.)
(175 Points)
Replied 09 October 2007
Hi Rajan,
NO u cannot set off loss from business against salary income.
Refer Section 71(2A) which states that "Notwithstanding anything contained in sub-section (1) or sub-section (2), where in respect of any assessment year, the net result of the computation under the head “Profits and gains of business or profession” is a loss and the assessee has income assessable under the head “Salaries”, the assessee shall not be entitled to have such loss set off against such income"
NO u cannot set off loss from business against salary income.
Refer Section 71(2A) which states that "Notwithstanding anything contained in sub-section (1) or sub-section (2), where in respect of any assessment year, the net result of the computation under the head “Profits and gains of business or profession” is a loss and the assessee has income assessable under the head “Salaries”, the assessee shall not be entitled to have such loss set off against such income"
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