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Treatment of income from property owned by a partnership firm – Income Tax

Treatment of income from property owned by a partnership firm :

(i) Where an immovable property or properties is included in the assets of a firm, the income from such property should be assessed in the hands of the firm only.

(ii) Hence, the property income cannot be assessed as income of the individual partner in respect of his share in the firm.

Lavish Dey

Lavish Dey

"I would like to electrocute everyone who uses the word 'fair' in connection with income tax policies."
- William F. Buckley, Jr.
Lavish Dey

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