If partnership firm in which huf is partner and firm paid salary to member of huf. Is 40b applicable on this payment.
CA NITESH GUPTA (PRACTICE) (145 Points)
01 June 2009
deepak K Gujrati
(CA-practice)
(966 Points)
Replied 01 June 2009
yes. 40 b will be applicable to workout the maximum permissible amount of remuneration. However remuneration paid to partner in HUF capacity will be taxed in his individual hands.
CA Lovenish Bansal
(JOB)
(343 Points)
Replied 02 June 2009
My question is in which head income will be taxable under Salary Head or under Income from Business and profession?
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