Dear all,
Kindly guide me on below matter.
We converted LLP in to Pvt Ltd co during December 2020 which has loss in FY 2019-20.
Now we have to file 2 ITR (simultaneously), one for LLP and another for Pvt Ltd Co.
Question is, How do I claim B/f loss of LLP in to Pvt Ltd co when we are filing ITR for same year.
File two separate returns: One for the LLP (up to the conversion date) and one for the Private Limited Company (from the incorporation date onwards).
Carry Forward: The company can claim the accumulated business losses and unabsorbed depreciation of the LLP, but only if the stringent conditions of Section 47(xiii)—regarding the transfer of assets, ownership, and shareholding continuity—are strictly met.
Chirag N Shah & Associates
Mumbai
CA Inter
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