Taxation on partners of LLP
This query is : Resolved
05 August 2024
PQR LLP, Mr. C & Mr. D are the partners of XYZ Joint Venture LLP.
XYZ Joint Venture LLP doing business & pays 30% income tax on their income
After paying tax (30%), XYZ Joint Venture LLP shares profit to their partners in their profit sharing ratio.
Question, Is PQR LLP also liable to pay income tax @30% on profit received?
XYZ Joint Venture LLP doing business & pays 30% income tax on their income
After paying tax (30%), XYZ Joint Venture LLP shares profit to their partners in their profit sharing ratio.
Question, Is PQR LLP also liable to pay income tax @30% on profit received?
06 August 2024
The share of profit received is exempt from tax under Section 10(2A) of the Income Tax Act.
06 August 2024
Thanks for your reply.
But I have query that...
1) Will that profit be also exempted for the other partner which is PQR LLP?
2) If the XYZ joint venture LLP gives any remuneration or interest to its partner which is PQR LLP, will it be taxable to the partner LLP?
But I have query that...
1) Will that profit be also exempted for the other partner which is PQR LLP?
2) If the XYZ joint venture LLP gives any remuneration or interest to its partner which is PQR LLP, will it be taxable to the partner LLP?
06 August 2024
1 yes.
2 Yes it's taxable.
2 Yes it's taxable.
06 August 2024
Thanks a lot sir. I am obliged.
06 August 2024
You are welcome...
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