Q.No. 1 - How the share in partnership firm by a company is shown in financial statements
Q.No.2 - What is the income tax rate applicable, if the above share in P.ship firm is sold or diluted partially & under what head of income
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Capital gains ax
Replies (1)
The capital investment made in the partnership firm will be shown as investments in assets side. . So the capital Account and current account of the company in the firm has to be shown as investments. .
sec10(2A) Share of Profit from a firm is exempted wholly as firm is paying tax for that. .
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