Easy Office
LCI Learning

Rental income of a partnership firm

This query is : Resolved 
Profile Image

Guest

Profile Image

Guest (Querist)
25 August 2011 sir,
a partnership firm income is rental income from houses & shops Rs 3560000.00and agricultural income is Rs 167000.00.All properties owner are members of partnership firm .how calaculated income tax for the A.Y. 2011-12
Profile Image

CA. Anoop Gadia

Profile Image

CA. Anoop Gadia (Expert)
25 August 2011 rent income if normal operating than take it in business income and agriculture income is exempt but included for tax calculation.
Profile Image

Ravi Jhamb

Profile Image

Ravi Jhamb (Expert)
25 August 2011 Any Income Earned through Business it covered under Business & Professional Income and agriculure income is exempt
Upgrade to CAclubindia Pro. Subscribe Now!

Profile Image

Bhaskaran Chackrapani Warrier

Profile Image

Bhaskaran Chackrapani Warrier (Expert)
26 August 2011 Since the property is owned by partners, income is to be assessed in the partner's hand under section 22 of the Income tax Act,1961.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


CCI Pro
Live Budget News and Updates

Trending Online Classes

view all classess
Let's Talk Money: You've Worked Hard for It, Now Make It Work for You
Click here for more bestsellers


Answer Query



Quick Links