if properties ( villa) purchased in the name of company .. what ever monthly maintenance( electricity bill, water, miscellaneous expenses) paid to association
can we debit to profit and loss account.
or we need to debit proprietor capital account
note: property (villa) used completely for personal use.
what is the provision as per IT act..
no you can not charge to p&l.
debit to prop.capital
CAclubindia
