individual tax computation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 May 2010 in case of husband and wife,aorund rs.500000 has been withdrawn from both of their bank accounts for medical expenses of wife, then how much amt shd b debited in both of their capital a/c

Aditya Maheshwari

Aditya Maheshwari (Expert)
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28 May 2010 The actual amount of expenses incurred should be debited. Any one can pay on behalf of the wife. If the wife was covered by mediclaim and claim amount is to be received by the wife then entire expenses should be debited in the wife account.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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28 May 2010 It is drawings, that amounts which is drawn from individual account is debited to their capital account.
i.e withdrawl form husband a/c is debited to capital a/c of husband irrespective of use of money
withdrawl from wife a/c is debited to capital a/c of wife.

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