huf expense deduction

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(Querist)
25 January 2017 Which expense are allowed for deduction according to income tax act
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Amol S Joglekar

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Amol S Joglekar (Expert)
25 January 2017 is the HUF carrying business or what?
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786soulofcrown

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

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Amol S Joglekar (Expert)
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.
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786soulofcrown

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

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Amol S Joglekar (Expert)
25 January 2017 No. That is NOT possible.
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786soulofcrown

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786soulofcrown (Querist)
25 January 2017 entertainment expense? ??????
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Amol S Joglekar

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Amol S Joglekar (Expert)
25 January 2017 Generally NO. some reasonable expenses may be claimed. But mind well it should be reasonable and related to business.of HUF
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786soulofcrown

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

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Amol S Joglekar (Expert)
25 January 2017 yes. HUF can avail deduction u/s 80C
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786soulofcrown

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

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