22 April 2014
i have owned one property ,which is co-owned with my brother in 1:1 sharing ratio..in which we earn rent (274800 less 27480(tds)=247329)...
we have also partnership salary income (i.e 160000) sharing
80000 each.
currently i file only one return showing h.p income(clubbing brother's income also),partnership salary 80000(only my) so i liable to pay tax above 5000 rs(also paid)
my que is that in next year if i will file two returns seprately(my & brother's) income will be less than 200000 each...so we s
are not liable for tax.......
sir so can i do above process????? ......plz reply ...........
23 April 2014
You can show the income which you earned on your name so you can file 2 returns that is one of your and other of your brother showing the Rent income (137400 - 13740 = 123660) and the salary of 80,000 from partnership. total income 217400
CAclubindia
