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Partner's remuneration

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(Querist)
16 November 2009 dear sir,
pl. let me know following : (1) Is Remuneration recd. from a partnership firm as per partnership deed taxable in the hands of partner ? Any exemption / deduction under any section is given ?
thanks in advance.
anckoor
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Sunil

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Sunil (Expert)
16 November 2009 If the remuneration is paid as per the Partnership Deed, whatever amount is allowed to the Partnership Firm will be taxed as Profit and gains from Business or Profession to the Partner receiving the remuneration. Partner will only get his basic exemption as per his tax slab and his eligible deductions as per Chapter VI-A like everyone else.
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chetan soni

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chetan soni (Expert)
16 November 2009 He can also claim the interest on loan & depreciation on motor car used to business if any against remuneration received from firm.
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vijay singhal

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vijay singhal (Expert)
16 November 2009 AGREED WITH SUNIL
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