Income of LIC agent

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 June 2011 Dear all

If an LIC agent(whose commission income is more than Rs. 60000)is working from Home which is owned by mother of that LIC agent, then while computing taxable income of this agent can Electricity, Telephone and society bills paid from the agent's bank account claimed as actual expenditure incurred.

Please guide.

Also guide whether it is PGBP of IOS.

U S Sharma

U S Sharma (Expert)
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02 June 2011 its PGBP, and expenses which are directly related to your insurenace business are only deductible, not the expenses which are related to your living and maintanance.

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