14 January 2010
As per Income tax act,A BOI is taxed when any joint income is received as a separate entity itself.Suppose in this case, there is a property is jointly owned and rent is taxed as BOI Entity..But later on when such funds are transfered to respective member as their share..what will be tax effec ? Would be again taxable in hands of those individuals..Or it would be exempt in the hands of member/individuals?
CAclubindia
