composition dealer collect commercial rent

Page no : 3

Abhishek Jain (90 Points)
Replied 25 January 2018

my shop's landlord gives rent receipt in my personal name....

rent agreement is in my name...

can i show rent in my huf file ???
or
do i have to enter into new tenancy agreement with my landlord??
new agreement might lead to increased rent

pl suggest

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Divakar (Student CA Final ) (11857 Points)
Replied 25 January 2018

For claiming rent expenses rent agreement should be in the name of huf and payment has also been made from huf account also

Abhishek Jain (90 Points)
Replied 25 January 2018

my rent is.only around 3000 per month..
i have no problem if rent expenses ate not claimed.....
my question is
can i continue my tenancy in my personal name and carry business in my huf ..

my landlord has not yet charged gst on rent from me so far .

Divakar (Student CA Final ) (11857 Points)
Replied 25 January 2018

Then what is ur place of business of ur huf??

Abhishek Jain (90 Points)
Replied 25 January 2018

same as before...

i would close my shop in my personal name
and open the same shop with huf
( only for accounting purpose.....rest everthing would be the same)

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Divakar (Student CA Final ) (11857 Points)
Replied 25 January 2018

I mean on which document u obtained huf pan card... If rent agreement is not in name. Of huf... I mean no proof of place of business

Abhishek Jain (90 Points)
Replied 25 January 2018

i already have pan card and have been filing income tax returns regularly..

Divakar (Student CA Final ) (11857 Points)
Replied 25 January 2018

Its better to get ret agreement in name of huf if u want to do business in name of huf... Bcz place of business should be there

Abhishek Jain (90 Points)
Replied 25 January 2018

on the basis of huf pan card and my personal gmc trade license (old)
i think bank will open sb account having same old place of business??

will it be possible..

if i enter into new tenancy agreement with my olf landlord he might ask for INCREASED RENT