association of persons
This query is : Resolved
ATIT D SHAH
(Querist)
22 January 2009
Please do reply,
Assesse is a member of AOP, and it earned profit of Rs 40000/- from such AOP. Total income of AOP is 80000/-(below exemption limit) A.Y.2008-09. Whether share of profit of AOP is taxable in hands of Assessee ? please specify relevant section/notification/case law.....
Assesse is a member of AOP, and it earned profit of Rs 40000/- from such AOP. Total income of AOP is 80000/-(below exemption limit) A.Y.2008-09. Whether share of profit of AOP is taxable in hands of Assessee ? please specify relevant section/notification/case law.....
CA. Aryendra
(Expert)
22 January 2009
Yes ------- Depends upon situation
Please read sec 67A along with section 167B (1) an 167B (2)
Please read sec 67A along with section 167B (1) an 167B (2)
CA.Tarun Maheshwari
(Expert)
23 January 2009
Dear Aryendra Sir, is this condition similer in Partnership Firms also? If its a firm instead of AOP, then whether tax shall be payable in hands of partners or not???
CA. Aryendra
(Expert)
23 January 2009
Dear Tarun.
Not at all
Firm is liable to pay tax on his profit & share of profit is exempt in the hand of partners
Not at all
Firm is liable to pay tax on his profit & share of profit is exempt in the hand of partners
CA.Tarun Maheshwari
(Expert)
23 January 2009
yeah. i just skipped this provision. thanks
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