Partner's income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 June 2012
Salary from partnership firm is treated as business income in the hands of partners.
Since the partner also have some consultancy business, can partner claim expenses i.e depreciation on car, petrol exp, printing and stationery etc. incurred against combined income (salary income and consulting income).
or he only can claim expenses against consulting income
Please reply soon.
Since the partner also have some consultancy business, can partner claim expenses i.e depreciation on car, petrol exp, printing and stationery etc. incurred against combined income (salary income and consulting income).
or he only can claim expenses against consulting income
Please reply soon.
CA Kalpesh Gokani
(Expert)
20 June 2012
Yes..if the expenses and depreciation are higher than the consultancy business than it can be set off against the salary from the partnership firm.
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