Query
This query is : Resolved
ADVOCATE NUSRAT
(Querist)
28 January 2016
can a partner can claim his personal lic premium or personal house insurance premium as expence of firm under indirect expence
28 January 2016
Section 37 of the Income Tax Act deals with general expenses, which says expenses of personal nature cannot be deducted.
If it is a key-man insurance policy, the premium at the time of payment can be deducted and on receipt either at the time of maturity or at the time of claim, the amount received is taxable u/s 28 of the Act.
If it is a key-man insurance policy, the premium at the time of payment can be deducted and on receipt either at the time of maturity or at the time of claim, the amount received is taxable u/s 28 of the Act.
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