Relative transaction
This query is : Resolved
Chirag Patel
(Querist)
08 October 2014
can Wife (Proprietor) give a consultancy fees to her husbund for receiving services from her husbund?
plz...give me reply....
08 October 2014
Yes. Can be given. If proprietorship firm fall under Rax Audit, related party disclosure will have to be made in Tax Audit Report. Fees paid should not be high when compared to market rates.
Nikhil Kaushik
(Expert)
08 October 2014
you can provided it doesn't violate section 40A(2)(a)/(b)
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