Return - partner

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 August 2012 In income tax return of partner which profit to be shown (tax free)
1. Profit as per profit & loss a/c of partnership firm transferred to capital a/c of partner
2. Share of Profit as per computation of income of partnership firm.
e.g profit as per P&L Rs. 120000. (partner's share Rs. 60000) or
profit as per computation of income of partnership firm Rs. 105000 (partner's share Rs. 52500)

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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10 August 2012 Firstly share in the profits of the firm is exempt in the hands of the partner.

Even if you want to show it, it will be shown under exempt income.

The amount will be the share in taxable profit (computed as per Income Tax Act) and NOT as per P&L.

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