Jai The Professional (Articled Assisitant) (77 Points)
14 March 2011Guest House Expenses(like rent,Electricity Etc..) can be allowable as part of Expenses if it is incurred for business Purposes.If yes indicate the sec no also
CA ANUPAMA
(CMA, CA )
(149 Points)
Replied 15 March 2011
Yes, Guest house expenses are allowable business expenses. They are liable to FBT in previous years bt now no FBT. Allowable/not allowable expenses under guest house has been mentioned in Sec. 28-44 of the Income Tax Act, 1961
CAclubindia
