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Partner income tax query

deepak (PCS) (414 Points)

16 October 2019

A partner shared loss of rs. 800000 in audited partnership firm whose partnership firm turnover has 1 cr. And partner sold of property 80 lac on his name. And also received other sources income of rs. 30 lac. And No business and professional income. So in this case partner is liable to do his individual account?

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3 Replies

RAJA P M ("Do the Right Thing...!!!") (127053 Points)
Replied 16 October 2019

So in this case partner is liable to do his individual account?

I cant understand your query...!

If You are asking about Individual Accounting & Income Tax matters then Yes. The said individual must be file his ITR with including all the incomes...

deepak (PCS) (414 Points)
Replied 16 October 2019

M asking individual person audit matter, he have no business or professional income , only he sold property of rs. 80 lac and other source income 30 lac. So in this case he is liable to do audit or not?

deepak (PCS) (414 Points)
Replied 16 October 2019

M asking individual person audit matter, he have no business or professional income , he has shared loss of rs 8lac in partnership firm and only he sold property of 80 lac and other source income 30 lac. So in this case he is liable to do audit or not?