11 December 2010
AS THERE IS PARTENRESHIP FIRM ONLY HAVING SOURCE OF RENTAL INCOME THE PARTNESHIP IS BETWEEN DAD AND SON AND THERE IS COMMERCIAL PROPERTY CO-OWN BY DAD AND SON WITH REGISTARION AND PARNTESHIP DEED, THE RENT IS 12000/- PER MONTH WHICH IS DISTURBETED AMONG PARTNERS DAD AND SON 50% SHARE SO MY QUESTION IS THAT WE HAVE TO FILE THE ITR 5 RETURN IN THE NAME OF FIRM SHOWING RENTAL INCOME OR BUSSINESS INCOME SHOWING RENTAL INCOME FROM HOUSE PROPERTY IN PROFIT AND LOSS ACCOUNT AND CLAIMING EXPENSES AND ARRIVING AT NET PROFIT KNDLY EXPLAIN IN DETIAL AS FROM LAST THREE YEAR WE ARE FILING RETURN IN ITR 5 OF FIRM SHOWING RENTAL INCOME AS BUSINESS INCOME
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