Income Tax treatment

in my opinion any amount received from partnership firm on retirement can be shown under the income from other resources... coz person is cease to be a partner.

regards,

ratan

I disagree with ratan. Amount recd would be treated as remuneration or Profit from the Partnership firm as the case may be.

It might be right that at the time of the receipt he might not be the partner but the payment is made to him on account of his contribution as a partner only & hence the amount received would be liable to be taxed in the head business & profession only.

Thanks

sunil

 IT WOULD BE TAXED ON HEAD INCOME FROM OTHER SOURCES

i will request for the reference/source of the answers which are saying that it will be income from other source

Thanks,

sunil