Sharing of rental income.
This query is : Resolved
28 August 2018
Hi Expert,
One of my client is into the business of renting villas under a brand name.
He has bought villas on a monthly rental basis and rents them back to the customer on per day basis.
Few of the villas are being bought on rent in partnership i.e the monthly rent would be paid to the Vendor and whatever would be the revenue on renting will be shared between them equally. Billing to the customers would be under the brand name of the main business.
My query here is that under what name the sharing of rental revenue would be shown under the books of accounts and whether any TDS is to be deducted on such sharing?
Please guide me on same.
One of my client is into the business of renting villas under a brand name.
He has bought villas on a monthly rental basis and rents them back to the customer on per day basis.
Few of the villas are being bought on rent in partnership i.e the monthly rent would be paid to the Vendor and whatever would be the revenue on renting will be shared between them equally. Billing to the customers would be under the brand name of the main business.
My query here is that under what name the sharing of rental revenue would be shown under the books of accounts and whether any TDS is to be deducted on such sharing?
Please guide me on same.
29 August 2018
As per my understanding, there are two entity one is the partnership firm and the other one is the individual who rents the villa under a brand name.
If my above understanding is correct, the sharing of rental revenue would be shown in the name of the partnership firm. For sharing of revenue, TDS need not be deducted and the revenue has already being subjected to TDS
If my above understanding is correct, the sharing of rental revenue would be shown in the name of the partnership firm. For sharing of revenue, TDS need not be deducted and the revenue has already being subjected to TDS
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
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Capital gain consideration
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
Trending Online Classes
CAclubindia
