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Please post out this for capital gain..
Are the deductions for the expenses paid for earning exempt income allowed under head income from other sources?
Replies (2)
Nop Kanveer Singh..Sec 14A says that expenditure incurred in relation to income exempted from total income shall not be allowed as deduction in the computation of income under ANY 5 heads of income
No, as per sec 57(iii) only expenditure incurred for earning income chargeable 2 tax is allowed as deduction under this head. Expenditure related 2 exempt income is not allowed. As per sec 14a "expenditure in relation 2 income not includible in total income is not allowed". income however if income 4 which it is incurred is not earned till then it is allowed
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