Share of profits from partnership firm
Vivek Garg (102 Points)
02 July 2018
Can we show share of profits from partnership firm under income under the head other sources??
3 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(195722 Points)
Replied 02 July 2018
No.
Its capital receipt, not taxable .......
Vivek Garg
(102 Points)
Replied 02 July 2018
so where it is to be shown? whether it is to be shown under income from busindss profession
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(195722 Points)
Replied 02 July 2018
Remuneration & interest received from partnership firm is taxable under business income, not the shares of profit of firm, (which is not taxable)
The shares of the profits of firm is declared under 'Schedule IF' of ITR3.
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