Please Help: Income Tax Query
Posted Date : 13-Sep-2011 , 04:01:46 pm | Posted By: Kamal Singh
Category :
Income Tax | Answers :
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Comments :
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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. |
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Answers:
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 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.
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| Comments |
| Posted By : Kamal Singh |
13-Sep-2011, 05:58:13 |
| Thats very kind of U sir. |
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