Regarding capital account of proprietorship firm
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 February 2015
On 31st March, 2012, the Capital Account of Proprietorship Firm showed balance of Rs.20 Lakhs. I want to know whether the Proprietor can Invest Rs.5 Lakhs in business out of Capital Account. Will the said amount of Rs.5 Lakhs be liable to Income Tax?
27 February 2015
Ofcourse he can invest out of his capital balance and there will be no Tax implication on this amount but yes tax can be levied on the outcome from the investment made.
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 February 2015
Thank You Sir for clarifying my doubt.
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