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Loss from Partnership Firm

JITENDRA SINGHVI (SELF EMPLYOED) (211 Points)

07 June 2019

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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Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 07 June 2019

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

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JITENDRA SINGHVI (SELF EMPLYOED) (211 Points)
Replied 07 June 2019

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..

Priya Kashyap (Student) (7048 Points)
Replied 07 June 2019

under which section is thus profit to partner exempt

2 Like

JITENDRA SINGHVI (SELF EMPLYOED) (211 Points)
Replied 07 June 2019

Section 10(2A)

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 07 June 2019

10(10A)

you need to show it as deduction from capital account

JITENDRA SINGHVI (SELF EMPLYOED) (211 Points)
Replied 07 June 2019

Section 10 (2A)

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 07 June 2019

sorry it's 10(2)

(Guest)

Originally posted by : JITENDRA SINGHVI
	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