25 June 2009
Can any one tell me, whether the remuneration received from partnership firm in which he is working partner is chargeable under the head business income or salary. Can you please tell me the section in which it is mentioned.
25 June 2009
It is part of business income. As the partner has got this income from giving the technical or professional services to partnership firm.
This will form part of business income. Also he can take deduction on account of interest paid on any loan taken for the purpose of investment in partnership form. Or interest paid on car loan, if the car is used for partnership firm business.
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