An assessee is doing business in his individual capacity and assessed to tax and incurred loss under the head ‘business’. In the third year he converts its business status as a firm and the firm is getting income under the head ‘business’. The firm consist of two partners. Whether the loss incurred in the individual business carried on by him can be set-off in the assessment of the firm income in its entirety.
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Set-off and carry forward of lossess
Replies (2)
No it cannot. That scheme is applicable only in case of amalgamation or demerger of companies.
i would like to know is a transferor company can claim set off of transferee company
What are the conditions to be satisfied to claim set off?
Please reply soon.
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