Set off loss
P.SHANMUGASUNDARAM
(Querist) 12 March 2016
This query is : Resolved
An assesse getting Business Income as Interest on Capital and Partner Salary from a Firm in which he is a Partner amounting to Rs.10,00,000/-. During the same financial year, he incurred loss from Derivative Business (Future & Option of Shares) done through Recognized Stock Exchange amounting to Rs.15,00,000/-. Whether this Business Loss can be set off against the Business Income of Interest on Capital and Partner Salary from a Partnership Firm
R.K Nanda
(Expert) 13 March 2016
consult tax lawyer.
Rajendra K Goyal
(Expert) 13 March 2016
Discuss in detail with your tax consultant.
J K Agrawal
(Expert) 13 March 2016
In case other conditions are fulfilled, AS per section 13 F of the Partnership Act you can recover the losses from salary and other income of partner.
