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..
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
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