Which of the following are 'persons' under section 2(77) of the Income-tax Act, 2025, separate from their members or owners? A limited liability partnership A sole proprietorship business A Hindu…
Question and options
Which of the following are 'persons' under section 2(77) of the Income-tax Act, 2025, separate from their members or owners?
- A limited liability partnership
- A sole proprietorship business
- A Hindu undivided family
1, 2 and 3
2 and 3 only
1 and 2 only
1 and 3 only
Answer and explanation
Correct answer: D - 1 and 3 only
Section 2(77) of the Income-tax Act, 2025 includes a firm and a Hindu undivided family, and section 2(45) makes a firm include a limited liability partnership. A sole proprietorship is not a separate person: its business income is assessed in the hands of the proprietor as an individual.
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