Standard deduction of 40000

1. As per sec 28(v), if a partner is in receipt of salary, interest, bonus, commission or remuneration, by whatever name called will be taxable in the hands of such partner as business income. 
2. Hence, the salary received from his own firm will be taxable as business income and the standard deduction will not be available for such salary income. 
3. The standard deduction will be applicable only for a salaried employee (Employer and Employee relationship) 
4. In your case, the standard deduction will not be applicable for salary received from a firm in which you are a partner. 
5. The share of partnership does not matter in this scenario. 
Please correct me if the above solution has an alternative view. 

Originally posted by : sabyasachi mukherjee
	So Ankit now its clear if you are having 1/3 profit share then u cannot claim standard deduction.Mr.Suresh u are absoloutely correct.

Thanks sabyasachi ji