if retiring partner receives compensation as full n final settlement will it be taxable??
1. no where in the agreement it's mentioned that it's assest share is given
2. no where in deed good will mentioned
3. partner ration in P&L 2.5 %
4. NO capital balance
5. they use to take 1 lac fixed remuneration from firm( new partners) every month.
please guide will compensation recd will be taxable?
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Compensation recd by retiring partner
Replies (1)
Yes, in the hands of firm
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