03 September 2014
partnership firm have other income rent of property credited to profit & loss account,book profit included rent of income so calculation of partner remuneration consider as above book profit or book profit deducted rent of property
03 September 2014
pls refer to explanation 3 to sec 40 b
book profit is to be computed in the manner laid down in chapter IV -D, in your case , income from rent is to be taxed under income from house property, hence while computing the book profit to calculate partners remuneration, rent has to deducted
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