LIC input tax of partner
This query is : Resolved
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
14 February 2025
if it is for personal purposes, then yes, it should not be claimed.
Message likes :
1 times
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
15 February 2025
better to treat as drawings only.
Message likes :
1 times
15 February 2025
Thanks you Hikhil sir
16 February 2025
Prohibited u/s 17(5). Cannot be claimed irrespective of its treatment as expense or drawing
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
- GST input on general insurance ( Fire insurance) of
- GST input on rent cab
- GST input eligible for jeweler Business
- GST input on silver/gold coins purchased
- GST input on imported Goods/ Capital Goods
- Blocked GST Input on door
- List of ineligible GST Input other than 17(5)
- Is GST input credit not available
- Misreporting of Input Credit of RCM as Normal ITC Year 20-21
- Can we transfer or claim refund of Input tax credit of deceased proprietary business
Unanswered Queries
- RCM invoice related QRMP
- WHO WILL PAY TDS UNDER SECTION 194IA?
- MAT Credit Availability
- Late fee CMP-08 FY 2021-22
- Mismatch in gstr-1 and eway bill invoice no
- Clarification Regarding Tax Deduction at Source on Receipt Against Issuance of Privilege Voucher
- GST TDS on metal scrap
- ITC Inter head difference
- 80CCD(2) of IT ACT
- Guidance for proper GST accounting (eway bill with correct valuation) for cut-to-pack job work given
Trending Online Classes
-
Input Tax Credit, GST refunds and Recovery of refunds- Roadblocks and way outs
CA Nipun Arora03 September 2025 -
GST LIVE Certification Course - 43rd Weekdays Batch(With Govt Certificate)
Industry Expert15 September 2025
CAclubindia
