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
CAclubindia
