Mr. Dinesh received ₹3,60,000 as partner share of profit in the income of limited liability partnership.
CS Professional · Advanced Tax Laws and Practice · PYQS · December 2017
Mr. Dinesh received ₹3,60,000 as partner share of profit in the income of limited liability partnership.
Answer & Explanation:
Partner's share of total income of the firm is exempt in the hands of the partners under section 10(2A). The term Firm includes a Limited Liability Partnership 'LLP' and Partner includes partner of a limited liability partnership firm. Therefore, ₹3,60,000 being Dinesh's share of profit in the limited liability partnership would be exempt in the hands of partners.
Topics: Income Tax Act, 1961
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