chinsamy (ceo) (24 Points)
14 August 2012My husband makes 18 lac per annum and is helping me in doing online business and he pays for all the expenses. Will we be eligible to decuct the expense from his salary or is it possible that he pays me salary? I have not registered my business yet but have form 16 A and Google Adsense pay checks. Please help.
CA Saiyum khan
(Practicing CA)
(685 Points)
Replied 14 August 2012
If the business is being done by you then it is recommended to have in your name for better tax planning etc. The cheques or online trasfer should be credited in your account and all expenses etc. has to be paid from the same account only. In case of time being shortage of fund you can obtain loan from your husband.
CA Shantanu Goyal
(Practicing CA)
(122 Points)
Replied 15 August 2012
| Originally posted by : CA Saiyum khan | ||
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If the business is being done by you then it is recommended to have in your name for better tax planning etc. The cheques or online trasfer should be credited in your account and all expenses etc. has to be paid from the same account only. In case of time being shortage of fund you can obtain loan from your husband. |
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Further neither the expenditure can be deducted from his salary nor he can give you salary for the running business in your name. the expenditure can be deduted from the receipt of your business.
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