sec40(b) remuneration to working partner

Vinay Raja (student-IPCC) (704 Points)

30 November 2010  

section 40(b) of income tax provides that the exemption is

for first 3,00,000 or loss - 1,50,000 or 90%of BP whichever is higher

for the balace - 60%of BP

my question is what if there are two working partnes??

will the deduction be available for both i.e., two times or will it bw done on pari passu basis??