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Interest income from firm of partners

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Querist : Anonymous

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Querist : Anonymous (Querist)
27 December 2015 whether interest income from firm is Taxable income of partner while computing taxable income.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
27 December 2015 Yes taxable under the Income tax Act,1961.
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CA Kumar Mukesh

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CA Kumar Mukesh (Expert)
28 December 2015 Yes it is taxable under section 28.. however only that portion of Income will be taxable in the hands of partners which are allowed as expenses in under section 40(b) while computing income of the firm.

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