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Under which of the following categories, a partner of partnership firm will be assessed?

1. An individuals

2. HUF

3. Firm

4. Body of an individual

This question was previously asked in
UGC Paper 2: Commerce 6th Dec 2019 Shift 2
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  2. 2
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  4. 4

Answer (Detailed Solution Below)

Option 3 : 3
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Detailed Solution

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According to Section 4 of the Indian Partnership Act, 1932, Partnership means "The relationship between the persons who have agreed to share profit of business carried on by all or any of them acting for all."

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All persons who have entered into a partnership with one another are called individually 'Partners' and collectively a 'Firm' and the name under which business is carried on is called the 'Firm Name'. 

Thus, a partner of a partnership firm will be assessed as a firm. 

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