Huse rent
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 October 2013
Hi
I am working in Properitorship firm
my boss has paid his House rent Rs.41,000/-
per month
will i get exemption in Income Tax
for whole amt what is the limit for the same
what would be the journal entry in Tally
Pl suggest
Thanks
I am working in Properitorship firm
my boss has paid his House rent Rs.41,000/-
per month
will i get exemption in Income Tax
for whole amt what is the limit for the same
what would be the journal entry in Tally
Pl suggest
Thanks
CMA Ramesh Krishnan
(Expert)
29 October 2013
It need to be considered as drawing. house rent payment is personal expenses unless the house also used for business purpose under proprietorship, he can claim the deduction u/s.80GG only
Dr: Drawing
Cr: Bank/cash
Dr: Drawing
Cr: Bank/cash
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