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Share of profits from partnership firm
Can we show share of profits from partnership firm under income under the head other sources??
Replies (3)
No.
Its capital receipt, not taxable .......
so where it is to be shown? whether it is to be shown under income from busindss profession
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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