PARTNERS REMUNARATION IS FULLY TAXABLE FOR PARTNERS ?

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This discussion clarifies that remuneration received by partners from a firm is fully taxable. However, exemptions under the old tax regime may apply. It also addresses the calculation of Long Term Capital Gains (LTCG) for land purchased in 1980 and sold in 2023, advising to use the circle rate or valuation as of 01.04.2001 for the cost of acquisition.

ketan

ketan (Querist)

31 July 2023 Dear All,

1> if partner get Remunerations from Firm, than it is fully taxable for partners ? or any examption from Remunerations. Remunerations is Rs.7,00,000. Which examption like (80C , 80D...) applicable from its Remunerations

2> if NA land is purchase at 1980 and now sell in 2023. than how to calculate LTCG ? IN ITR 3 indexion is from only 2001 so how can we calculate ?

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

31 July 2023 1. Yes, it is fully taxable. Said exemption can be claimed against it in OLD tax regime.
2. Get circle rate of the land from Sub-registrar office, or registered valuer as on 01.04.2001 and consider that as COA.

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Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

11 September 2024 Good Luck.

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