Easy Office
LCI Learning

Income from firm

This query is : Resolved 
Profile Image

Profile Image

(Querist)
21 March 2014 The Firm has only Agriculture Income. Partner receive the income from firm.

then, In the hands of the partner the income from firm is exempt as partner receive from firm or not ??

or

Partner showing as income under agriculture income in his return??
Profile Image

Anand Dad

Profile Image

Anand Dad (Expert)
21 March 2014 income from the firm to the partner is exempt in the hands of partner
Profile Image

Anand Dad

Profile Image

Anand Dad (Expert)
21 March 2014 agricultural income is anyways exempt......



Profile Image

CA Himanshu vasani

Profile Image

CA Himanshu vasani (Querist)
21 March 2014 partner has also another income then also the same effect ???
Profile Image

Anand Dad

Profile Image

Anand Dad (Expert)
22 March 2014 Yes as per sec. 10(2A), Partner's share from any partnership firm is exempt.......
Profile Image

Anand Dad

Profile Image

Anand Dad (Expert)
22 March 2014 The simple logic behind this is that income tax department cannot tax anyone twice fro any income
Profile Image

Anand Dad

Profile Image

Anand Dad (Expert)
22 March 2014 this income is already taxed in the hands of the firm.......


Thus it cannot be taxed twice in the hands of the partner.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


CCI Pro

Trending Online Classes

view all classess


Answer Query



Quick Links