alleryStart learning →Section 57(iii) expense must be incurred how?
AOut of capital to earn it
BMainly to earn the income
CWholly and solely to earn it
DPartly to earn the income
Answer & Solution
Correct answer: C. Wholly and solely to earn it
Section 57(iii) requires expenditure to be wholly and exclusively for the purpose of making or earning the income and not capital in nature.
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