Income from firm
This query is : Resolved
CA Himanshu vasani
(Querist)
21 March 2014
The Firm has only Agriculture Income. Partner receive the income from firm.
then, In the hands of the partner the income from firm is exempt as partner receive from firm or not ??
or
Partner showing as income under agriculture income in his return??
then, In the hands of the partner the income from firm is exempt as partner receive from firm or not ??
or
Partner showing as income under agriculture income in his return??
21 March 2014
income from the firm to the partner is exempt in the hands of partner
CA Himanshu vasani
(Querist)
21 March 2014
partner has also another income then also the same effect ???
22 March 2014
Yes as per sec. 10(2A), Partner's share from any partnership firm is exempt.......
22 March 2014
The simple logic behind this is that income tax department cannot tax anyone twice fro any income
22 March 2014
this income is already taxed in the hands of the firm.......
Thus it cannot be taxed twice in the hands of the partner.
Thus it cannot be taxed twice in the hands of the partner.
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