Set off against remuneration0

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 March 2011 If a partner getting remuneration taxable under section 28(5), and he uses his personal car for business purposes can he claim the expenses of car against remuneration?
justify with judgments

CA Navin Jain

CA Navin Jain (Expert)
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09 March 2011 not possible

CA. Lohith Jagadeesh

CA. Lohith Jagadeesh (Expert)
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10 March 2011 Hi,

I disagree with the above Expert.

If the Income in the form of Remuneration is Taxable under business head, then any expenditure incurred to earn such an income can be claimed as a deduction under Sec 37(1).

Therefore in the above case the Car Expenditure can be Claimed on a Proportionate basis. However if the same car expenses was claimed while assessing Income of the Partnership, then it cannot be claimed under while assessing the partner's income.

Thank you,

Regards
CA.Lohith.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons

Querist : Anonymous

Querist : Anonymous (Querist)

10 March 2011 can you justify the above by judgements

CA. Lohith Jagadeesh

CA. Lohith Jagadeesh (Expert)
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10 March 2011 Hi,

There is no Requirement of any Case Laws since the Intension & Application of the provision of the Act have been met in the above issue.

Thank you

Regards
CA.Lohith.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons

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