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Exempt income

This query is : Resolved 

08 November 2012 Can we claim expences in respect of Exempt Income???

08 November 2012 Please clarify more.

08 November 2012 Section 14A

Expenditure incurred in relation to income not includible in total income

For the purposes of computing the total income under this Chapter, no deduction shall be allowed in respect of expenditure incurred
by the assessee in relation to income which does not form part of the total income under this Act

From above it is clear that Expenditure not allowed for Income which does not form part of total income under Income Tax Act


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