Interest on Capital from Partnership firm

This query is : Resolved

Mahender Jain (Querist)
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15 September 2009 i m filing return of person who has his own propertiorship and also a partner in Partnership firm
he received interest on his capital from Partnership firm
So in which head this interest will be shown
1 Other source Income
or
2 Business & professional income

and if it should be shown in Business & professional income,
then in which column of IT return form

Aditya Maheshwari

Aditya Maheshwari (Expert)
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15 September 2009 ITR - 4 to be filed

Interest & remuneration received from firm taxable under Business & profession

Sreedhar Atchutuni ACA,GradCWA

Sreedhar Atchutuni ACA,GradCWA (Expert)
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15 September 2009 Interest, salary, bonus, commission or remmuneration due to or received by a partner is taxable under business income (sec 28).

ITR-4 has to be filed.

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