Amt on partnership firm

This query is : Resolved

ARVIND JAIN (Querist)
Follow

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

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

14 July 2012 It has to be determined by you. We can give reply to your specific query here.
.
First ascertain the problem faced by you in solving the question. If you haven't read the topic properly, please go through it and revert back.
.

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