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Houseproperty income of a firm in the books of partners

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 June 2013 sir,
what is the treatement of house property income of a firm in the books of the partners & how to show the income in the partners individual computation ,under what section the income of the house property is exempted in the individual computation if the partners
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
30 June 2013 The firm pays tax on the HP income by including the same in its computation of Total Income.
.
Partners receive an after tax amount as share in profit.
.
It is exempt U/s 10(2A) and has to be shown under the head Income exempt from Tax in the Individual Return of partners.
.
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Querist : Anonymous

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Querist : Anonymous (Querist)
01 July 2013 thanks for the reply sir
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