Huse rent

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 October 2013 Hi
I am working in Properitorship firm
my boss has paid his House rent Rs.41,000/-
per month
will i get exemption in Income Tax
for whole amt what is the limit for the same
what would be the journal entry in Tally
Pl suggest
Thanks

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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29 October 2013 It need to be considered as drawing. house rent payment is personal expenses unless the house also used for business purpose under proprietorship, he can claim the deduction u/s.80GG only

Dr: Drawing
Cr: Bank/cash