Say, a partner's contribution to a LLP was Rs. 50000. His share in profit & loss of the LLP is 50%. The LLP has made a loss of Rs. 20000 in business. According to his share ratio, his share of loss is Rs. 10000.
1) Where should I show the contribution amount, loss amount in the partner's individual file ITR-3?
2) Should I put the share of loss amount in the field "Amount of share in the profit" under Schedule IF? If yes, do I need to put a "-" sign before the amount?
(Please note the partner didn't make any income from the LLP)
There is a separate table for entering details of pan, capital contribution and profit sharing ratio in the firm.
if the itr takes negative value then enter the loss amount else just put 0.
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