There are three individual members Raja, Harshil and Gopal in an association of persons (AOP) sharing profits and losses in equal proportion. AOP earned total taxable income ₹9,00,000 for the Assessment Year 2021-22 whic
CS Executive · Tax Laws and Practice · PYQS · June 2021
There are three individual members Raja, Harshil and Gopal in an association of persons (AOP) sharing profits and losses in equal proportion. AOP earned total taxable income ₹9,00,000 for the Assessment Year 2021-22 which included ₹30,000 for long-term capital gain. The net taxable income of members from their own business was ₹30,000, ₹40,000 and ₹50,000 respectively before transferring share of profit from AOP. Find the tax liability of AOP.
Answer & Explanation:
Correct Answer: Option (D)
Official answer key: (D).
Topics: Income Tax Act, 1961
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