LIC input tax of partner
This query is : Resolved
Quick Summary
binu sukumaran
(Querist)
14 February 2025
Sir.
One of partnership from take LiC for this partner(husband & wife).They make payment through firm account. Input reflect in 2B. Can get calim in 3B.
Please advise
Binu
One of partnership from take LiC for this partner(husband & wife).They make payment through firm account. Input reflect in 2B. Can get calim in 3B.
Please advise
Binu
Nikhil Kaushik
(Expert)
14 February 2025
if it is for personal purposes, then yes, it should not be claimed.
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binu sukumaran
(Querist)
14 February 2025
Thanks for information Nikhil sir.
Both are 2:1 partner share.
Can this treat expense or there capital drawing.
With Regards
Binu
Both are 2:1 partner share.
Can this treat expense or there capital drawing.
With Regards
Binu
Nikhil Kaushik
(Expert)
15 February 2025
better to treat as drawings only.
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binu sukumaran
(Querist)
15 February 2025
Thanks you Hikhil sir
ASHWANI DHANUKA
(Expert)
16 February 2025
Prohibited u/s 17(5). Cannot be claimed irrespective of its treatment as expense or drawing
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