Mr. Vijay is a partner in Tools & Co., a partnership firm in Mumbai. He received ₹ 30,000 as share income from the firm for the year ended 31.3.2021. He also received interest at 12% per annum on the capital invested in the firm and the amount being ₹ 24,000. His income from the firm includible in individual assessment is:

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Question:
Mr. Vijay is a partner in Tools & Co., a partnership firm in Mumbai. He received ₹ 30,000 as share income from the firm for the year ended 31.3.2021. He also received interest at 12% per annum on the capital invested in the firm and the amount being ₹ 24,000.
His income from the firm includible in individual assessment is:

1.₹ 54,000

2. ₹ 24,000

3. ₹ 30,000

4. Nil

Posted Date:-2022-08-28 04:33:17

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