Firm rent income
This query is : Resolved
23 August 2011
My client is partnership firm but hvg no trading activity in 10-11 but hvg income from let out of godown. Can it claim some nominal exp, interest on partners capital and remuneration out of this rental income or it has to show rental income under Income from other sources.
23 August 2011
Interest on Partners' Capital and Remuneration is allowed out of business income only.
.
Rental Income has to be computed under IFHP
and 30% Standard Deduction can be claimed out of Rent Received.
.
Rental Income has to be computed under IFHP
and 30% Standard Deduction can be claimed out of Rent Received.
23 August 2011
Because renting godown is not the business of firm so it is treated a Income from other source........
24 August 2011
I agree with the experts
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Manual Rectification through AO
- IT Return filed defective u/s 139 (9)
- Fixed Deposit Claim Relinquishment by the Nominee
- Defective Return - Tds on advance
- Income Type for interest from government bonds
- Not a CA , can we prepare balance sheet
- TCS ON SOFTWARE SALES
- Is receivable or recoverable same thing
- Bifurcation of prepaid expenses
- What is meaning of cumulative method of interest
- TDS - Form 26QB - Installment - Final payment Query
- ITR 6 Schedule CFL and UD Issues
- Gstr 9 2023-24
- GSTR-9 HSN Summary and Credit Note without item
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
-
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
Mr.Balamurugan Ranganathan15 November 2024
CAclubindia
