Partner's remuneration
This query is : Resolved
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
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
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.
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.
vijay singhal
(Expert)
16 November 2009
AGREED WITH SUNIL
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