Please Help: Income Tax Query
Posted Date : 13-Sep-2011 , 04:01:46 pm | Posted By Kamal Singh
Can you plz tell me if an assessee (Individual) operates business from a building which belongs to his wife (owner)and not paying rent then all expenses related to repairs & maintenance for operation of business is allowable expenditure under Income Tax Act or should be shown under capital A/c.
Category : Income Tax | Answers : 1 | Comments : 1 | Hits : 325
Answers
Answer By: Ashish Karundia
Dear Friend,
You can claim the deduction of expenditure under Section 30 of Income Tax Act, 1961. Further, there is no question of showing the same under Capital A/c.
You can claim the deduction of expenditure under Section 30 of Income Tax Act, 1961. Further, there is no question of showing the same under Capital A/c.
Comments
Kamal Singh
13-Sep-2011 , 05:58:13 pmThats very kind of U sir.