An Individual received share of Profit from AOP is this Profit is exempt or taxable in the hands of individual.
5 Replies
Gita Iyer
(Specialist)
(135 Points)
Replied 16 March 2010
share of profit in the hands of individual is exempt.......as the same is taxed under AOP.......
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 16 March 2010
Hi... sorry replied late...
But it is exempt.. and has to be mentioned at end in EI SHECULE OF ITR... where all exempt incomes are to be disclosed
Amir
(Learner)
(4016 Points)
Replied 16 March 2010
Dear Shubham,
Friends above has rightly said that it will be exempt but not in each n evry case.
Where Income of AOP is taxable at Maximum M arginal Rate - then Yes it will be exempt otherwise Sharein profit will be included in the income of members & will be taxed accordingly. {Sec 86 read with Sec 67A}
Santhosh Poojary
(SIEMPRE AHÍ PARA TI)
(15607 Points)
Replied 18 March 2010
AMIR SIR.. THE ANOTHER NAME OF INCOME TAX ACT......great sir keep it up...
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