my quarries is that in which income head income of partnership firm will be taken, if main purpose of firm is doing rental business & owner of property is partners not firm.
3 Replies
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 20 June 2020
If the owner of the property is partner then it is not taxable in the hands of firm unless it is transferred through POA
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 22 June 2020
Partnership gets the same meaning as defined in Section 4 of the Indian Partnership Act 1932. Partnership firm is taxed as a separate entity. There is no difference in calculation for registered firms and unregistered firms. A partnership firm should submit its partnership deed in the first year of its assessment and later on only when there is any change in the terms and constitution of partnership.
The terms ‘Partnership’, ‘Partner’ and ‘Firm’ as defined under section 2 (23) of Income Tax Act, have the same meaning as assigned to them in the Indian Partnership Act, 1932.
Section 4 of the India Partnership Act has defined the word ‘Partnership’ as “the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all”.
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