Set off of income against expenditure
This query is : Resolved
13 May 2016
there is income which is "Interest on capital" for a partner
& there is expenses which is "interest paid due to loan taken"
Loan is taken for the purpose buying shops to run the business...
Whether both can be set off in ITR-3 ??
& there is expenses which is "interest paid due to loan taken"
Loan is taken for the purpose buying shops to run the business...
Whether both can be set off in ITR-3 ??
13 May 2016
you can claim the interest of business against the business income for taking for that and add the intt on captial
13 May 2016
Sir, actually business income is "share of profit" which is exempt in the hands of partner
so there is remuneration & interest on capital from partnership firm & that I want to set off against "interest paid on capital borrowed for the purpose of buying property"....
so there is remuneration & interest on capital from partnership firm & that I want to set off against "interest paid on capital borrowed for the purpose of buying property"....
13 May 2016
& if such set off is allowed then Under which section Partner can claim this set off ??
13 May 2016
As a Partner, He/She will received salary(remuneration), interest on capital & Profit (share). Now when Partner has no income other than that and filling ITR 3 and while fill income of above these sources need to shown in their particular column but about expense you can only eligible to show expense occurred related to above income. No other expense will claimable.
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13 May 2016
in partner ship interest on capital and remuneration will taxable under business head these are not exempt in hand of partner. only profit share will exempt in hand of partner.
14 May 2016
Set off is not possible in ITR-3.
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