Private trust to act as a partner

This query is : Resolved

Shrenik (Querist)
Follow

25 April 2012 Dear Experts,

Pls. suggest me whether Private trust can become partner in partnership firm & if yes then share of income earned from business runned by this partnership firm is taxable in hand of trust or not?

Pls. relpy me urgently

Thanks in anticipation.

Ajay Mishra

Ajay Mishra (Expert)
Follow

26 April 2012 Hi

TYPES OF PARTNERSHIP
A Partnership can be formed between:
(i) one or more individuals or
(ii) between an individual and a person representing a H.U.F. or
(iii) between an individual and other partner representing his firm, or between Limited Company or a Corporation and an Individual or Partnership firm, or
(iv) between two Partnership firms, or
(v) between a Limited Company or a Corporation and an individual or Partnership firm, or
(vi) between a Partnership firm and H.U.F., or
(vii) between members of HUF in their individual and independent capacity, and
(viii) between a HUF and a member of that HUF independently.

Regards

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
Follow

01 May 2012 Yes you can make the private trust as a partner and the profit received from the firm is not table in the hands of the trust as it is already tax paid is exempted u/s 10

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

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

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

sandhya.v

Amit Bagla

Vidish Bhatt

CA. MOHIT SHARMA

T Ramachandran

Subscribe Now

Private trust to act as a partner

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Article Assistant

Accountant

GST CONSULTANT

GST CONSULTANCY

CA Final