Hii guys.
My brother is a salaried employee. As a part time freelancer, he started Photo shoots for marriages and receptions in October (mostly on week ends) and continued till Feb. Income he earned is 35,000 but expenses incurred (including Rent of camera and related equipment, editing charges) for the same is 56,000. Since he is incurring losses he decided not to continue. As of now the loss is Rs. 21,000.
Now since it's not his main line of business and this is one year job and he is not going to continue in future, can he offer it under income from other source and claim 21,000 loss and set it off against salary income...?
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One time professional income
Replies (6)
Quick Summary
It is in the nature of profession which required skills, it cannot be offered under other sources. Prepare a small profit and loss account and balance sheet for the professional income basis only and claim loss under the head Business and profession. Carry forward the loss for 8 years (if not settled against other business income in coming years).
Can any loss from other sources be set off against Salaries...?
There can't be any loss under other sources for set off
As per my professional knowledge there cannot be any loss under other sources. Need to check in detail. At the max income and expenses can be same under other sources.
Just now checked in ITR 2. I entered salary as 360000. After standard deduction it is 310000. In IFOS, I entered other income as 16000 and expenses u/s 57 as 18000. Under Part B TI, it took 2000 loss and it is set off against salary 310000. Now taxable income is 308000
Income from Photoshop will not income from other sources. so please be careful while filling ITR
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