Salary to partner
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 September 2015
Dear Sir/Mam,
I would like to ask as if a partner can be allowed the deduction of expenses from the salary received from the partnership firm? And if yes, the are there any limits?
Do mention relevant section(s)
Thanks
I would like to ask as if a partner can be allowed the deduction of expenses from the salary received from the partnership firm? And if yes, the are there any limits?
Do mention relevant section(s)
Thanks
Amol S Joglekar
(Expert)
21 September 2015
Partner can always claim deduction from such a salary income from FIRM. There is no any SPECIFIC section for the same. It, therefore, follows the residuary section 36.
That expenditure which is incurred to earn this salary income of firm can be claimed as deduction. There is NO any standard formula for the same.
That expenditure which is incurred to earn this salary income of firm can be claimed as deduction. There is NO any standard formula for the same.
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