Partner's income
This query is : Resolved
17 November 2009
dear sir,
A partner (as an idividual) has "Income from Business & Profession", consisting of Int. on Capital, Remuneration & share of profit - all received from a partnership firm in which he is a partner.
Now, pl. let me knoe, from above 3 incomes, what are the deductions he can claim ? Can he claim(1) investment under 80 (upto 1 lakh)(2) Int. on housing loan, (3) repayment of pricipal amt. of hsg. loan (4) deduction u/s 80G, 80D ? Also suggest - if any other deductions he is eligible for while computing his net taxable income.
thanks in advance
anckoor
A partner (as an idividual) has "Income from Business & Profession", consisting of Int. on Capital, Remuneration & share of profit - all received from a partnership firm in which he is a partner.
Now, pl. let me knoe, from above 3 incomes, what are the deductions he can claim ? Can he claim(1) investment under 80 (upto 1 lakh)(2) Int. on housing loan, (3) repayment of pricipal amt. of hsg. loan (4) deduction u/s 80G, 80D ? Also suggest - if any other deductions he is eligible for while computing his net taxable income.
thanks in advance
anckoor
17 November 2009
All the deductions referred in the question can be claimed.
17 November 2009
i also agree with expert.
17 November 2009
agree
18 November 2009
Agree with the experts
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