alleryStart learning →Persons who are legally recognised partners in business are:
ARelated only if they live together
BDeemed to be related persons
CUnrelated if profits are unequal
DRelated only above 25% stock
Answer & Solution
Correct answer: B. Deemed to be related persons
Legally recognised partners in business are listed among the categories of related persons.
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Related questions
For related-person tests, the term person also includes:Notified service of Rs 1,00,000 under reverse charge at 18%. Recipient pays?Intra-State sale of Rs 2,00,000 at 18% GST. CGST payable?Rs 50,000 sale; pre-agreed invoice-linked Rs 5,000 later discount, ITC reversed. Value?Rs 50,000 sale; Rs 5,000 later discount never agreed earlier. Value?Price Rs 20,000 plus Rs 1,000 State-law cess billed separately. GST at 18%?Price Rs 30,000; buyer paid supplier's Rs 2,000 insurance, not in price. Value?Price Rs 60,000 plus Rs 3,000 commission billed; GST at 18% equals: