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Are there any special provisions in case of carry forward of loss in case of a partnership firm if any partner of the firm retires?
Are there any special provisions in case of carry forward of loss in case of a partnership firm if any partner of the firm retires?
Gadha
Answered on January 06,2020
Answered on January 06,2020
Section 78 contains provisions relating to carry forward and set off of loss in case of a change in the constitution of a partnership firm due to death or retirement of a partner (i.e. when a partner goes out of firm by retirement or death). In such a case, the share of loss attributable to the outgoing partner cannot be carried forward by the firm.
Restriction of section 78 is applicable only in case of loss and is not applicable in case of adjustment of unabsorbed depreciation, unabsorbed capital expenditure on scientific research or family planning expenditure.
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