Include partnership profit in my return

ITR 467 views 1 replies

Amit

Partner

88 Points Joined October 2012

Hello,

I have

Interest on capital - 180K
Remuneration - 82.5K
After tax
Profit from Partnership - 12K

Income from Other source - 50K

As Profit from Partnership12K is not taxable, but I can include it in my Gross income and under which section can I show 12K so it will be not taxable

Thanks

Replies (1)

CA Ruben Balooni

Professionalism ™

1324 Points Joined December 2008

Profit from partnership firm is exempt u/s 10(2A) and it will not form part of the total income of the partner. Since the income is exempt there is no question of showing it under GTI.