Partner's income

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anckoora (Querist)
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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

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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17 November 2009 All the deductions referred in the question can be claimed.

chetan soni

chetan soni (Expert)
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17 November 2009 i also agree with expert.

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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17 November 2009 agree

CA Deepak S

CA Deepak S (Expert)
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18 November 2009 Agree with the experts

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