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Set off of Partner Remuneration

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Student
54 Points Posted on 17 August 2021
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!??
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On 17 August 2021 at 20:10 Report
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51 Points Posted on 17 August 2021
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
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On 17 August 2021 at 21:47
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Student
54 Points Posted on 17 August 2021
Remuneration to partner is not exempt in the hands of partner
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On 17 August 2021 at 21:53
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51 Points Posted on 17 August 2021
I am not saying that remuneration is exempt. share of profit or loss from partnership firm is exempt in the hands of partner
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On 17 August 2021 at 21:56
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Student
54 Points Posted on 17 August 2021
Yeah but my question is that remuneration can be set off against business loss or not!?
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On 17 August 2021 at 22:06
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Practising CA
8954 Points Posted on 18 August 2021
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
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On 18 August 2021 at 00:46
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Student
54 Points Posted on 18 August 2021
Yes.
Thank you.
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On 18 August 2021 at 08:04
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Learner
2398 Points Posted on 18 August 2021

You can set off proprietor business loss with remuneration from partnership firm. as both are comes under business or profession head.

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On 18 August 2021 at 10:57
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51 Points Posted on 20 August 2021
Okay I was considering partnership firm. So I agree with above answer
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On 20 August 2021 at 16:09


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