Loss of business or profession

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90 Points Posted on 17 April 2021
Hello everyone,

If a person want to setup his son new business and invest all the money in his business.
he want to take benefits of loss of his son business . because in the starting year loss incurred.
than what he will does for it.
please reply any possible solution
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On 17 April 2021 at 20:20 Report
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This discussion explores whether a father can claim tax relief on losses incurred by his son's new business, especially when he has invested heavily. While direct set-off isn't possible due to different ownership, the conversation touches on the son's responsibility to carry forward losses and the potential for the father to benefit indirectly.

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2742 Points Posted on 17 April 2021
Set off of loss is not possible as owner are different
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On 17 April 2021 at 20:23
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90 Points Posted on 17 April 2021
Any why which is possible
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On 17 April 2021 at 20:34
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Chartered Accountant
24588 Points Posted on 18 April 2021
Benefits of losses of his son's business is not to be taken by his father as son is responsible to carry forward the losses as he is the owner
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On 18 April 2021 at 05:54
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Practising CA
8954 Points Posted on 18 April 2021
It is possible to take benefit of carry forward losses.
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On 18 April 2021 at 16:59

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