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Exp. Related in Personal Nature

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(Querist)
24 August 2009


A Prop. Use 20% his Vechicle in business
if he paid insurance primium on this vehicle
if any ins. exp. disallowed
so which in section exp. disalloed

in Case of Depriciation same case
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CA CS Bhumika Thakkar

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CA CS Bhumika Thakkar (Expert)
24 August 2009 Only 20% of Insurans premium and depreciation will be allowed because as per sec 37(1),Expenditure cannot be of personal nature.Only business related exp is allowable..
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CA CS CIMA Prakash Somani

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CA CS CIMA Prakash Somani (Expert)
24 August 2009 If you can seperate those exp then above is right else your 100% will be disallowed.




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