REMUNERATION TO PARTNER AND INTEREST ON CAPITAL IS ADMISSIBLE DEDUCTION FROM BOOK PROFIT BUT A FIRM ONLY HAVING INCOME FROM HOUSE PROPERTY, WHETHER THE DEDUCTION FOR INTEREST ON CAPITAL AND REMUNERATION WILL BE ALLOWED UNDER INCOME TAX ACT,1961. AND HOW IT IS TO BE SHOWN IN ITR?
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Remuneration to partner in ifhp
Replies (2)
Hi shubham , you mean to say that the firm does not earned any other income from its business.
Income from house property is a seperate head, if expenses are paid and they are allowed they would be debited in P/L
Mr. Saurabh, the firm does not have any other source of income, and partner are only carrying business of letting of immovable property hence I asked the admissible deduction of remuneration under income from house property under Income Tax Act.
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