Retiring Partner.
This query is : Resolved
18 January 2010
There is a debit balance in the account of the retiring partner. This is foregone by the firm. Can it be taxed in the hands of the retiring partner?.
18 January 2010
If Dr balance is due to the loan or drawing by retiring partner then it will not be taxed in the hands of retiring partner but if it is because of Interest on loan given to retiring partner which is also waived and Interst has been allowed to retiring partner as a deduction then it will be taxed in the hands of retiring partner.
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