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SHARE FROM PARTNERSHIP FIRM
Had a land , join the partnership firm to construct and develop commercial complexes with share of land with this intention having the same from another partners as well. After completing the task and filing of income tax RETURNS of the partnership firm received the partner's share. How the received amounts be treated, treated as capital gains or normal income?
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If the objective of the partnership deed is to deal with real estate related transactions, the profit earned out of it will be taxed as business income in the hands of firm. the share of profit paid to partners are exempt in the hands of partners by virtue of section 10(2)
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