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Set off of Partner Remuneration
A partner is receiving remuneration from partnership firm. He is also having loss from his Proprietorship Business. Is remuneration allowed to be set off against loss of proprietorship business in the hands of partner!??
Replies (8)
As per my opinion, no, he can't.
since any share of profit or loss from partnership firm to partner is exempt u/s 10(2A). Since exempt income can't be allowed to be set off and carry forward partner can't set off his share of loss of firm against any income whether it be a remuneration or whatever
since any share of profit or loss from partnership firm to partner is exempt u/s 10(2A). Since exempt income can't be allowed to be set off and carry forward partner can't set off his share of loss of firm against any income whether it be a remuneration or whatever
Remuneration to partner is not exempt in the hands of partner
I am not saying that remuneration is exempt. share of profit or loss from partnership firm is exempt in the hands of partner
Yeah but my question is that remuneration can be set off against business loss or not!?
Remuneration from Partnership firm can be used to setoff loss of Proprietoship firm since both are business income of income tax purposes.
Regards
CA. Raj Doshi
Regards
CA. Raj Doshi
Yes.
Thank you.
Thank you.
You can set off proprietor business loss with remuneration from partnership firm. as both are comes under business or profession head.
Okay I was considering partnership firm. So I agree with above answer
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