1.If Owner of proprietorship died, Who is liable to pay liabilities own by him during business circle & what happened in partnership firm.
which law is applicable on proprietorship firm.
2. If proprietor installed a lift for his personal use in building, Can he claim his personal exp in his busniess exp...
Please guide.
Thanks & Regards
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Proprietor Death /Personal exp
Replies (3)
1. Legal heir/s.
2. How can he?
1. there's no such law applicable for proprietary concerns. in case of death of proprietor his legal heirs need to settle all business claims
2. only expenses incurred wholly and exclusively for carrying on business are deductible. however if proprietor was carrying on business in the premises where lift was installed and its also being used for dwelling purposes then proportionate depreciation can be claimed on lift.
2. only expenses incurred wholly and exclusively for carrying on business are deductible. however if proprietor was carrying on business in the premises where lift was installed and its also being used for dwelling purposes then proportionate depreciation can be claimed on lift.
Thank you....Sir
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