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Manual - Exempted Income u/s 10 - Assessee Specific
As per section 10(2A), the exemption is limited only to share of profit and does not apply to interest on capital and remuneration received by the partner from the firm/LLP.
Share of profit exemption: interest on capital and partner remuneration are not covered under the provision. The exemption is confined to a partner's share of profit from the firm or LLP and does not extend to interest on capital or to remuneration paid to the partner; such receipts must therefore be treated separately from the profit-share exemption.
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