Partnership doubt

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 September 2010 If a partner dies in the month of july(calender yr jan 1- dec 31 is adopted)
will he be eligible to receive the profits for the period of 6 months after providing for depreciation and other expenses?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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07 September 2010 The issue depends mainly on the specific clauses of the partnership deed. However, generally as per The Indian Partnership Act,1932 a partner is eligible to share the profit/loss upto the date of his/her death.

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Querist : Anonymous

Querist : Anonymous (Querist)

29 September 2010 THANK U SIR

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