huf expense deduction

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786soulofcrown

786soulofcrown (Querist)
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25 January 2017 Which expense are allowed for deduction according to income tax act

Amol S Joglekar

Amol S Joglekar (Expert)
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25 January 2017 is the HUF carrying business or what?

786soulofcrown

786soulofcrown (Querist)
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25 January 2017 It's carrying investment business

Amol S Joglekar

Amol S Joglekar (Expert)
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25 January 2017 Then all those expenses which are directly related to the business can be claimed. e.g. printing stationery, office expenses, brokerage discount salary etc.

786soulofcrown

786soulofcrown (Querist)
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25 January 2017 Can they claim their family expense

Amol S Joglekar

Amol S Joglekar (Expert)
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25 January 2017 No. That is NOT possible.

786soulofcrown

786soulofcrown (Querist)
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25 January 2017 entertainment expense? ??????

Amol S Joglekar

Amol S Joglekar (Expert)
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25 January 2017 Generally NO. some reasonable expenses may be claimed. But mind well it should be reasonable and related to business.of HUF

786soulofcrown

786soulofcrown (Querist)
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25 January 2017 ok... can huf claim normal 80 c deductions as it is carrying investment business

Amol S Joglekar

Amol S Joglekar (Expert)
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25 January 2017 yes. HUF can avail deduction u/s 80C

786soulofcrown

786soulofcrown (Querist)
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25 January 2017 One more question a how to devolved a Ltd Co as it is carrying investment business

Amol S Joglekar

Amol S Joglekar (Expert)
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25 January 2017 Please get the help of Company Secretary.
CS will give you a detailed procedure.

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