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Remuneration

This query is : Resolved 
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(Querist)
29 September 2008
respected sir/madam

under which head i will show the partners remuneration (income from salarise/business or profession),if salaries head, can i split the HRA, Conveyance from remuneration? and claim it exemption?

thank you
Balu
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
29 September 2008 There can be a separate head for remuneration to partners.

Under salaries head you can split.

Exemption in respect of partnership firm or partner?
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Ravikumar.G

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Ravikumar.G (Expert)
29 September 2008 Remuneration should be accounted in the head Partner's Remuneration.

C No 739/25.03.96
Specfication in Partnershipdeed is must:
Deduction will be allowed only if the partnership deed specifies the amount of remuneration payable to each individual partner or lays down the manner of quantum of such remuneration.
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