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Asked by namish on :Jul. 13, 2018

Whether sum received from the partnership firm as…

Whether sum received from the partnership firm as a share of profit is liable to tax?

Whether sum received from the partnership firm as a share of profit is liable to tax?

0

Jeeba Jul. 13, 2018

A share of profit received by a partner of a firm/LLP is exempt from tax.

Further, the exemption is limited only to share of profit and does not apply to interest on capital and remuneration received by the partner from the firm/LLP.

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