Question ID : 1867

SHARE OF LOSS FROM PARTNERSHIP FIRM

Mr. X is a Partner two partnership firms namely M,S XY and M,S XZ. Durg a particur year M,S XY curred a of Rs.10000,- and the share of the books of Mr X comes to Rs.0,-.
DURG THAT YEAR M,S XZ EARNS AN COME OF RS.00,- RESULTG SHARE OF PROFIT THE HANDS OF MR X RS.20,-.APART FROM THIS MR X HAS OTHER COME OF RS.100,- DURG THAT YEAR, WHICH CLUDES A BUSESS COME FROM A PROPRIETORSHIP CONCERN TO THE TUNE OF RS.20,-.
Mr X wants to set off the share of from M,S X, agast its busess come from proprietorship concern
My querries are :

1) Whether Mr X is allowed to set off its share of from Proprietorship concern. ( The share profit, from partnership firm is not taxable the hands of the partners)

2) Whether situation will change if Mr. X is partner only one firm makg (i.e.M,S XY) '

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