Life insurance
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 March 2013
we have cc & loan account( for my Partnership firm).
Bank deduct rs.50,000/- for life insurance policy for our both partners.
Q.1
can it allow as an expenses..?
Q.2
or bear from partner's capital..?
give a suggestion..
Bank deduct rs.50,000/- for life insurance policy for our both partners.
Q.1
can it allow as an expenses..?
Q.2
or bear from partner's capital..?
give a suggestion..
Dintakurthi Tirumala
(Expert)
28 March 2013
Its not allowable as expenditure it shall be bear from partner's capital. However partner's can claim deduction u/s80C in their personal return of income.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Issuing of delivery challan by seller of goods
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Nursery business
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
