Partnership firm

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 August 2012 Dear expert,
There is a partnership firm engaged in civil construction, containing two working partners. Both partners also have their own proprietorship concern which is also engaged in civil construction.
I want to know that, whether the said partners can take salary from the partnership firm or they would be allowed only for interest on their capital and their profit share.
Please advise me.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

07 August 2012 The can take salary from the partnership firm, subject to the provisions of Section 40(b).

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Arun Mahaldar

Rishi Jain

Shubham Jain

SUBHASH SAHA

Sunder Sadani

Subscribe Now

Partnership firm

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

GST CONSULTANT

Manager- Finance and Compliance

Accountant

Senior Executive

GST CONSULTANCY