Amt recd by partner at the time of retirement
This query is : Resolved
12 June 2013
If partner invested Rs. 100 and receives Rs. 120 at time of retirement, what are the tax consequences on the extra amount of Rs. 20
CA. RICHI SAXENA
(Expert)
12 June 2013
THE EXTRA INCOME EARNED IS PROFIT FROM PARTNERSHIP AND WILL WE TAXED AS USUAL
12 June 2013
If the same amounts to profit from partnership, then the same will be exempt in the hands of partner u/s. 10(2A)
CA. RICHI SAXENA
(Expert)
12 June 2013
YES OBVIOUSLY.
CA. RICHI SAXENA
(Expert)
12 June 2013
YOU ARE ALWAYS WELCOME.
13 June 2013
Can u please tell the section of income tax which is in refreence to tax effect for the amount received by partner at the time of retirement, when the firm is not getting dissolved
CA. RICHI SAXENA
(Expert)
13 June 2013
please refer the below link for your query..
https://www.taxmann.com/TaxmannFlashes/Articles/flashart30-10-10_2.htm
hope this solves your problem..
https://www.taxmann.com/TaxmannFlashes/Articles/flashart30-10-10_2.htm
hope this solves your problem..
14 June 2013
Does the capital contribution made by the partner in firm considered as property for Sec. 2(14) of the income tax act
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