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
- TDS 194-T applicability
- GST ITC REVERSE
- Fixe term employment
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Regarding Applicability of Tax Audit u/s 44AB
- Consolidated financials
- Withdrawal in cash from partners capital account by partner
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- TDS on TRUST
- Section 50-fixed asset-->building ceases to exist
- 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
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
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
