banner_ad

Loss from the partnership firm

Others 3034 views 4 replies
User Avatar

PROPRIETOR
552 Points Posted on 15 November 2021
Share loss from partnership in the hands of partners are exempted under section 10(2A) or only for accounting purpose . Please clarify the position
0 Reply Share Follow
On 15 November 2021 at 18:36 Report
Replies (4)
User Avatar

299 Points Posted on 15 November 2021
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
Reply
On 15 November 2021 at 19:05
User Avatar

PROPRIETOR
552 Points Posted on 15 November 2021
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
Reply
On 15 November 2021 at 19:16
User Avatar

299 Points Posted on 15 November 2021
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
Reply
On 15 November 2021 at 19:21
User Avatar

PROPRIETOR
552 Points Posted on 15 November 2021
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
Reply
On 15 November 2021 at 19:31


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topic

More recent discussions | Post

Related Topics
Loading

Latest Job Openings

View all
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details