Two partners in two different partnership firm

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Mohammad Sharique (Querist)
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08 December 2012 Two person A & B running a partnership firm, they want to be make another partnership firm . Is it possible? And can they take remuneration & salary from both of the Firms.

As per Act if in both Firm, there is book profit Rs. 3.00 & 3.00 lac, then they entitled to take remuneration from both of the Firm up to 2.7 & 2.7 lac.

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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08 December 2012 yes, A partner can become partner in two or more firms and can also legally get remuneration from all the firms

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Mohammad Sharique

Mohammad Sharique (Querist)
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14 December 2012 As per Act if in both Firm, there is book profit Rs. 3.00 & 3.00 lac, then they entitled to take remuneration from both of the Firm up to 2.7 & 2.7 lac.

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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14 December 2012 Yes..A partne can receive remuneration from two or more firms and can firm can also get deduction upto the limit specified u/s 40b

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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14 December 2012 The only condition is that-
He should be a working partner which means an individual who is actively engaged in conducting the affairs of the business or profession of the firm of which he is a partner and is also authorised by, and is in accordance with, the terms of the partnership deed.

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