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Partner - Definition / Legal Terminology - Income TaxExtract As per clause (23)(ii) of section 2 of the Income tax Act 1961, Partner shall have the meaning assigned to it in the Indian Partnership Act, 1932, and s hall include,- (a) any person who, being a minor, has been admitted to the benefits of partnership; and (b) a partner of a limited liability partnership as defined in the Limited Liability Partnership Act, 2008;
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