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Partnership

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05 July 2012 Is husband & wife may be partner in any firm. Is there any special taxation provisions in Income Tax for partnership of Husband & wife
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
05 July 2012 Yes they can. No special taxation. Same as any other partnership firm.
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CA Rahul Gupta

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CA Rahul Gupta (Expert)
05 July 2012 As per the Indian Partnership Act 1932 Partnership not created by status- The relation of partnership
arises from contract and not from status.and, in particular, the members of a Hindu undivided family
carrying on a family business as such, or a Burmese Buddhist
husband and wife carrying on business as such, are not
partners in such business.All provisions mentioned in Indian Partnership Act,1932 shall apply.In other words, Husband and wife may be partner in firm.
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