Amt on partnership firm
This query is : Resolved
ARVIND JAIN
(Querist)
14 July 2012
A firm sells property in block for 38 lacs having w.d.v 35000 and buys another property in same year for 38.5lacs. The firm has rental income 80000 and interest income 25000.No business done during year except sale of opening stock of 8000 for 6000.Firm provides 60000 for remuneration to working partner and 80000 as interest on capital.Determine tax liability.
Business loss -141000
House property 80000
interest 25000
net loss 36000
Block 38.5 L +35000 -38= 85000
how to calculate AMT FOR FIRM
Business loss -141000
House property 80000
interest 25000
net loss 36000
Block 38.5 L +35000 -38= 85000
how to calculate AMT FOR FIRM
CA PARAS BAFNA
(Expert)
14 July 2012
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