Taxability of remuneration in hand of partner
This query is : Resolved
14 January 2014
whether any deduction is allowed from the remuneration recieved by partner in partnership firm???
14 January 2014
1) Remuneration paid by the partnership firm are taxable in the hands of partners under head of PBGP
2) Partnership firm are allowed to take the deduction of remuneration paid to partners as per section 40 (b) of income tax Act,1961
2) Partnership firm are allowed to take the deduction of remuneration paid to partners as per section 40 (b) of income tax Act,1961
14 January 2014
yes..the income is taxable. further, the said partner is eligible to claim expenses against the same (including depreciation).
14 January 2014
whether int. paid by partner on borrowed money for capitel contribution can be deducted
plz mention the section also or case laws
plz mention the section also or case laws
14 January 2014
Yes, it is also allowed as deduction from the income.
14 January 2014
with regards to interest please note that it might get disallowed under 14A as it is being utilized to earn exempt income in form of profits.
other expenses such as car, stationery, depreciation on such car, any statutory allowance etc shall be allowed.. refer Mohan Sunder Rajan , Mum vs Assessee on 24 August, 2012
other expenses such as car, stationery, depreciation on such car, any statutory allowance etc shall be allowed.. refer Mohan Sunder Rajan , Mum vs Assessee on 24 August, 2012
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