Excess of 12% interest on capital received by a partner from the firm is taxable in the hands of partner under the head:

CS Executive · Tax Laws and Practice · PYQS · June 2021
Excess of 12% interest on capital received by a partner from the firm is taxable in the hands of partner under the head:
(A) Salary
(B) Business and profession
(C) Income from other sources
(D) Exempt from tax

Answer & Explanation:

Correct Answer: Option (D)

Official answer key: (D).

Topics: Income Tax Act, 1961

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