A was a partner of ABC and his profit sharing ratio was 25%. He retires on 15th June' 2018.
Capital Balance of A as on 15th June was ₹ 2,40,000/- which was transferred to A's Loan A/c
A's Loan balance as on 31st March'2019 was ₹ 50,000/-
Now my question is what to show in ITR 3 in the following in Partnership Details
1. Profit Sharing Ratio
2. Capital Balance
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ITR Form partnership details
Replies (1)
In the ITR of "A" interest on Loan will be treated as income from other sources.There is no need to show Share of profit, capital balance , remuneration, interest etc since he is no more a partner.
ITR need not be ITR-3 unless he has a business.
ITR need not be ITR-3 unless he has a business.
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