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Setting off of losses

783 views 2 replies

CA Girish Kumar S

B.Com(Hons) CA

61 Points Posted on 13 December 2010

Hi all,

Plz ans wit specific case laws if ur aware and dont be general wit the ans.

Assuming case of an Individual (Basic exemption limit = 1,60,000)

# Brought forward business loss = Rs 2,50,000

Unabsorbed Depn = Rs 1,00,000

Gross Total Income = Rs 2,00,000

In the above case can the B/F loss can be set off only to the extent of Rs 40,000, so as to take the benefit of basic exemption limit - is it permissible ???

Replies (2)

CA Mohit Thareja

Assistant Manager-Accounts & Finance

1117 Points Posted on 13 December 2010

the brought forward loss should be set off to the extent of200000 without going to the basic exemption limit only against business income

Mahendra

CA-Final

91 Points Posted on 13 December 2010

Yup he's right..

Originally posted by : Mohit
	the brought forward loss should be set off to the extent of200000 without going to the basic exemption limit only against business income