Interest on capital received by partner are taxable under
business head or other sources head in partner IT return
3 Replies
Bibek jaiswal
(Accountant)
(528 Points)
Replied 30 September 2018
Interest received on capital is taxable in the hands of the partner. That means that interest is taxable under the head Profits or Gains of Business or Profession. Such interest shall form part of the total income of the partner and taxable at normal slab rates.
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