I incurred loss in a partnership firm where I will should show this...I don't want to carry forward but where should I show this in my personal return
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Loss from Partnership Firm
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under the head business and profession. you can set off the loss against IFOS or house property and c/f the same. you cannot show it without c/f to succeding year
But this loss will be carried forward in firms return...since profit from partnership firm is exempt in the hands of partner..in the same way loss also don't have any impact on personal return of partner...my problem is that where should I show this..since utility is not taking negative figures..
under which section is thus profit to partner exempt
Section 10(2A)
10(10A)
you need to show it as deduction from capital account
you need to show it as deduction from capital account
Section 10 (2A)
sorry it's 10(2)
| Originally posted by : JITENDRA SINGHVI | ||
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I incurred loss in a partnership firm where I will should show this...I don't want to carry forward but where should I show this in my personal return |  |
You cannot show negative exempt income in your ITR. And such loss is filed in partnership firm's ITR.
where can I show the loss which happened in the partnership firm?
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