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can partner withdraw from firm

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(Querist)
27 June 2009 can partner withdraw upto rs.5 lacs from his partnership firm.

pls give me answer quickly
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Ratan Sharma

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Ratan Sharma (Expert)
27 June 2009 Yes Sandip,
Partner can withdraw Rs. 5 lacs from his firm. there is no limit as such in the Income Tax Act.
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C A Anjani Kumar mundhra

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C A Anjani Kumar mundhra (Expert)
27 June 2009 yes correct
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
28 June 2009 There is no such limit for a partner.

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