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 I am a partner in xyz partnership firm. I...

 I am a partner in xyz partnership firm. I have received a sum of Rs 3 lacs as a share in the profit from firm. Do I need to pay tax on such income?

 I am a partner in xyz partnership firm. I have received a sum of Rs 3 lacs as a share in the profit from firm. Do I need to pay tax on such income?

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Jeeba Lal Jun. 26, 2018

Section 10(2A) states that share of profit received by a partner of a firm/LLP is exempt from tax.

Further, the exemption is available only to the share of profit. It does not apply to interest on capital and salary received by the partner from the firm/LLP.

 I am a partner in xyz partnership firm. I have received a sum of Rs 3 lacs as a share in the profit from firm. Do I need to pay tax on such income?

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