Partner's income
This query is : Resolved
17 November 2009
dear sir,
A partner (as an idividual) has "Income from Business & Profession", consisting of Int. on Capital, Remuneration & share of profit - all received from a partnership firm in which he is a partner.
Now, pl. let me knoe, from above 3 incomes, what are the deductions he can claim ? Can he claim(1) investment under 80 (upto 1 lakh)(2) Int. on housing loan, (3) repayment of pricipal amt. of hsg. loan (4) deduction u/s 80G, 80D ? Also suggest - if any other deductions he is eligible for while computing his net taxable income.
thanks in advance
anckoor
A partner (as an idividual) has "Income from Business & Profession", consisting of Int. on Capital, Remuneration & share of profit - all received from a partnership firm in which he is a partner.
Now, pl. let me knoe, from above 3 incomes, what are the deductions he can claim ? Can he claim(1) investment under 80 (upto 1 lakh)(2) Int. on housing loan, (3) repayment of pricipal amt. of hsg. loan (4) deduction u/s 80G, 80D ? Also suggest - if any other deductions he is eligible for while computing his net taxable income.
thanks in advance
anckoor
17 November 2009
All the deductions referred in the question can be claimed.
17 November 2009
i also agree with expert.
17 November 2009
agree
18 November 2009
Agree with the experts
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
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- TAN for Partnership
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Treatment of Pension ?annuity returns on PMVY
- Free lancer income
- LTCG for Assmt year 26-27
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- Last year TDS Claim
- Loan by Partnership Firm
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
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
