10 December 2011
Hello Friends, There is a HUF consisting of Karta, his wife one male minor child, and one female minor child. Karta gets fund from his mother and purchase a flat. This flat is let out to Karta.
Whether this transaction is ok for income tax purchase??
11 December 2011
In the accounts of Karta, if it can not be shown as expense then what is the benefit of it? can it be shown as Rent expense if it is office or deduction under 80gga if it is residential house?
11 December 2011
the karta can claim deduction under section 80GGA or as exp in computation of income fm business if other conditions are satisfied Pl remember in case of business the AO may invoke section 40A(2) and disallow certain part of exp
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