Mr A is director of ABC Pvt ltd. He recd salary from this company. He took loan from various parties at 13% and invested in ABC company. He recd interest from
company @ 12%. The difference between interest recd and interest paid is shown as loss from other sources. Can he set off this loss from salary income
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Set off of loss
Replies (5)
Quick Summary
Yes he can but in current year means same year when the loss occurred
as it is not carry forward
as it is not carry forward
No.....
He can not set off loss from salary invome
He can not set off loss from salary invome
Loss from other sources can only be set off in the same year and cannot be carried forward except loss arising from maintainance of race horses
@ Jatinder Kumar
Is there any specific section or case law for not setting of loss against salary income
Is there any specific section or case law for not setting of loss against salary income
Income from Salary can be set off only with loss on self occupied property. ( loss due to interest on loan for purchase/construction) and not other losses.
Loan to a company by a director by taking loan from others is offence under companies Act.
Pl see rule 2(1)(c)(viii) in Companies (Acceptance of Deposit) Rules 2014.
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