An assessee is a partner in a firm and had incurred Business Loss, while computing his personal IT filing , The share of Income is exempt and the losses can be carried forward but can he set off the share of loss in his Personal It return wherein the income is one of the sources of business
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Set off and carried forward of share of business losses
Replies (7)
did the firm had incurred losses??
Yes the firm incurref loss
No he cannot set off his share of loss from the income of his indiviulal business. But the same can be set off against the profits of partnership firm
no.. share of profit is exempt in the hands of individual..
and is taxable for partnership firm..
*profit includes loss
and for the purpose of income tax firm and partners are different..
but the share of loss cannot be set off from the partners's indiviual business loss...
yes.. it cannot be set off..
share of profit from partnership in hands of partner is exempt.. thus the same way any loss from firm will only deplete the partner's capital in the firm.. the partner cannot use such loss to set off his own individual income.. it is firm's loss and firm will get benefit of carry forward and set off.
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