13 September 2012
Hello Guys, One of our client has formed a partnership firm. The firm has only rental income of a godown and property has been registered in the name of Partnership Firm. Please tell me the treatment of rental income as per income Tax. Further firm will get deduction of interest paid for construct of the godown.
Guest
Guest
(Expert)
13 September 2012
The income will be taxable under the head of house property. Also the normal taxation rules will apply in the above case.
CAclubindia
