Claim of expences by a partner of a partnership firm
This query is : Open
09 December 2016
Sir
What type of expenses a partner can claim as deduction and under which section of IT Act form his gross total income from Remuneration and commission received from a partnership firm.
Thanks & Regards
What type of expenses a partner can claim as deduction and under which section of IT Act form his gross total income from Remuneration and commission received from a partnership firm.
Thanks & Regards
10 December 2016
Profit from form is fully exempted from tax u/s 10(2A) in the hands of the partner.
Remuneration & Interest to partner is taxable as PGBP in the hands of partner.
No expenses can b claimed as deduction from that income. If there is negative interest then it can b claimed as deduction from remuneration.
Remuneration & Interest to partner is taxable as PGBP in the hands of partner.
No expenses can b claimed as deduction from that income. If there is negative interest then it can b claimed as deduction from remuneration.
10 December 2016
There are tribunal decisions which allowed depreciation on vehicles used by the partners and also proportionate expenditure of interest, stationery, petrol etc.
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