Assessment of a partner who is retiered
Ankit 21 CA,CS,B.Com (CA) (3949 Points)
23 February 2010
DATA REMOVED
1 Replies
Rachit
(Analyst)
(913 Points)
Replied 23 February 2010
The entire income of Rs.5.00 lacs is not taxable. Sum received by partner at the time of retirement over any above his capital is not taxable in the hands of the partner as it is treated as a capital receipt. There are case laws available on this issue
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