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Personal Expenses Limit for Assessee: 6 Lacs in FY 2023-24?

Vivek Lala |305 Answers |Ask -Follow

Tax, MF Expert - Answered on Aug 10, 2024

Vivek Lala has been working as a tax planner since 2018. His expertise lies in making personalised tax budgets and tax forecasts for individuals. As a tax advisor, he takes pride in simplifying tax complications for his clients using simple, easy-to-understand language.
Lala cleared his chartered accountancy exam in 2018 and completed his articleship with Chaturvedi and Shah. ... more

Asked by Anonymous - Aug 09, 2024Hindi

Money

sir, A individula assessee personal expenses(house hold expenses) rs:6 lacs show in books f.y. 23-24 Question: Assessee personal expenses(house hold expenses) any limit provision applicable in it act.

Ans: Personal expenses cannot be claimed for business incomes

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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I am planning to buy land loan for 10 lakhs. When approached ICICI, they informed minimum amount to be sanctioned is 20 lacs. Can I repay the surplus as part of EMI ? If yes , my monthly emi goes 1,75,000 My total income is 1.5 lacs per month and I can able to pay 1.75 emi by using the surplus and using the salary income Advise if it is wise decision? Interest rate at 8.75

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