25 December 2021
1. There is joint commerical property owned by Mr and Mrs X . Mrs X wants to rent the property to an LLP for Rs 30000/- per month., wherein Mr X is LLP partner. ( Mrs X is not LLP Partner and is housewife having income tax Pan No). Will clubbing provisions of income tax apply in the hands of Mr X partner. 2) Whether TDS is to be deducted also.
25 December 2021
Being Joint owner of the property, the rental agreement should be between both the owners and tenant. Just one owner cannot declare total rental income in his/her ITR.
26 December 2021
As far as rental income is declared for assessment in equal shares, the part of rent received by wife (husband's share) will be treated as gift to wife. The gift amount is not clubbed directly, but any income earned over the gifted amount will be clubbed in Husband's hand.
CAclubindia
