Receive intere on capital
This query is : Resolved
14 December 2024
Sir,
I received renumeration and interest on capital from firm.
Can i deduct depreciation and other expenses from above income.
I received renumeration and interest on capital from firm.
Can i deduct depreciation and other expenses from above income.
15 December 2024
Any expense to gain the income of remuneration & interest can be deducted, but not depreciation.
15 December 2024
Sir,
I am talking about personal income tax, can i adjust some of my expenses with my renumeration and interest on capital received.
I am talking about personal income tax, can i adjust some of my expenses with my renumeration and interest on capital received.
15 December 2024
No personal expenses can be deducted from the income from firm; except the expenses specifically expended for the generation of the business income.
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15 December 2024
Sir,
So my sources of income is only from salary and interest on capital from firm where i was partner.
So from this income huge amount of tax liability generated ,how can i reduce tax liabilities as i have no other expenses accept depreciation.
I have paid tax in firm also an now in personal ITR there is huge tax.
So my sources of income is only from salary and interest on capital from firm where i was partner.
So from this income huge amount of tax liability generated ,how can i reduce tax liabilities as i have no other expenses accept depreciation.
I have paid tax in firm also an now in personal ITR there is huge tax.
15 December 2024
The capital received from partnership firm after paying tax in Firms account is tax free in the hands of partners. Only the interest and salary received from the firm (claimed as deduction in firm's account) are taxable in the hands of partner's individual account.
On which asset depreciation is claimed in personal account? Whether partner is doing any business activity? Otherwise the depreciation would be debited to firm's account, if used by firm.
On which asset depreciation is claimed in personal account? Whether partner is doing any business activity? Otherwise the depreciation would be debited to firm's account, if used by firm.
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15 December 2024
Sir,
I have a car my own , which i used to visit firms. Doing small business of supplier. and nothing else.
I have a car my own , which i used to visit firms. Doing small business of supplier. and nothing else.
15 December 2024
You can charge petrol & maintenance expenses to the extent used for the business as stated above, but depreciation will not be allowed over own car by ITO.
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