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Remuneration of a deceased partner
Kindly let me know if a partner of partnership firm dies in middle of a financial year, in that situation whether this deceased partner is entitled to get remuneration up to the period he was alive and associated with the form or not? and also please let me whether his remuneration should be shown in income tax return of the partnership firm or not?
Replies (1)
The remuneration shall be paid only to working partner as per section 40(b)(v). A working partner is one who is actively engaged in the day to day operations of firm. I hope this has clarified your doubt
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