I have a few queries for Sole Proprietor Business.
- I am running the business from my home. Can I claim expenses towards rent to be paid to my parents as business expenditure?
- Can I claim the following expenses which I incur - Mobile Phone Expenses, Electricity, Computers & maintanence/upgrades of the same, some conveyance / travel. What bills / invoices do I need to support them? Do these bills need to be in the name of my business or they can be in my personal name (since its a proprietorship business maybe it should not really matter)
- Can I also claim interest expenses for a personal loan / credit card that I may use to buy items for business? Do I need separate documentation for that?
Appreciate your support.
CAclubindia
