its urgent

share of profit in the hands of individual is exempt.......as the same is taxed under AOP.......

Hi... sorry replied late...

But it is exempt.. and has to be mentioned at end in EI SHECULE OF ITR... where all exempt incomes are to be disclosed

Dear Shubham,

Friends above has rightly said that it will be exempt but not in each n evry case.

Where Income of AOP is taxable at Maximum M arginal Rate - then Yes it will be exempt otherwise Sharein profit will be included in the income of members & will be taxed accordingly. {Sec 86 read with Sec 67A}

amir ji speaks gr8

AMIR SIR.. THE ANOTHER NAME OF  INCOME TAX ACT......great sir keep it up...