Bank Charges

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 January 2011 Can an Individual or HUF deduct Bank charges from Total Income while filing return ITR 1 & 2.
Thanks in Advance

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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25 January 2011 NO. Because these expenses are not related with their income. If the bank account is current account and the Individual/ HUF has business income the same can be allowed as deduction from total income.

Querist : Anonymous

Querist : Anonymous (Querist)

25 January 2011 What if the Individual is salaried and also engaged in Share tradings ? And can he deduct charges relating to demat & trading expenses?

Ratan Sharma

Ratan Sharma (Expert)
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25 January 2011 Yes he can deduct these expenses it these are related with the earning of income which is chargeable to tax except salary income.

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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26 January 2011 If engaged in share trading These charges are not deductible in case of LTCG & STCG. Only if it is treated as business income these charges are deductible.

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