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Partners salary

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(Querist)
20 December 2013 Dear Sir/madam
for computing gross total income, is salary received by partner from partnership firm is adjusted by other business loss carried by partner because of partner salary charge ability section 28.
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C.A. Mayur J. Raiyani

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C.A. Mayur J. Raiyani (Expert)
20 December 2013 actually salary rcvd by partner is taxable u/s 28 i.e. PGBP. It is considered as business income. Hence whatever provisions are of sett off-c/f is apply to here. Other business loss can be set off against such income provided it is not speculative business income.
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CA DHEERAJ

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CA DHEERAJ (Expert)
21 December 2013 i agreed mayur ji
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CA VISHNU GAVKARE

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CA VISHNU GAVKARE (Expert)
21 December 2013 Yes. you are right in your thoughts. Further right explanation is given by Mr. Mayur
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