Expenditure claimed by partner
This query is : Resolved
12 October 2018
Can an individual working partner claim Telephone expenditure and transportation / Petrol expenses , car repair and maintenance expenses in his individual return, when he has only these two income - Remuneration and Interest on Capital from this partnership firm?
12 October 2018
A portion of the said expenses can be claimed as deduction against the
remuneration and interest earned from the firm.
remuneration and interest earned from the firm.
13 October 2018
Thanks for ur reply sir. Still i want to clear that in which portion we can distribute? And if partner has taken loan for investment as Capital in firm, then interest on such loan can be claimed as deduction in individual return?
13 October 2018
Interest is O.K, but rest of the expenditure includes personal element and
determination of 'portion' is a matter of judgement.
determination of 'portion' is a matter of judgement.
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