Expenses that can be claimed against partnership remuneration

Querist : Anonymous (Querist) 27 December 2010 This query is : Resolved
Dear Sir,

Can i know the list of expenses that can be claimed against the remuneration in the way of salary or interest received from the partnership firms ?

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A V Vishal (Expert) 27 December 2010
Ans. No expenses can be claimed against partner's salary. In respect of interest any expense incurred by way of collection etc and any interest paid on borrowed amounts to invest as capital in the firm can be claimed as an expense.

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