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Loss from the partnership firm
Share loss from partnership in the hands of partners are exempted under section 10(2A) or only for accounting purpose . Please clarify the position
Replies (4)
As profit from partnership is exempt u/s 10(2A), loss shall also be exempt. Which means that we shall not setoff partnership loss with our pgbp/other income
Some view according to 10(2A) explanation only positive income(Share profit) exempted and negative figure ( loss) be accounting purpose and carried forward in the hands of partnership firm . It is correct or not . Please clarify
Yes, we can say that, loss is for accounting purpose only, but if you do not show such loss in partner's ITR, then partner might get mismatch notice.
so it is better to show "loss from partnership" in the hands of partner but do not setoff such loss with any income
so it is better to show "loss from partnership" in the hands of partner but do not setoff such loss with any income
Share loss from partnership firm shown in capital account of individual and not shown in ITR in partnership firm income .My view it is right view. Please replay on this point
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