HUF RENTAL INCOME
SDR ASSOCIATES (380 Points)
30 April 2020
if we received 33000 per month by rent from an individual to our HUF bank account tax applicable or not
24 Replies
sabyasachi mukherjee
(27579 Points)
Replied 30 April 2020
Sec 194I stipulates the following :
1. rental income to the extent of Rs. 180000 from land and building is exempted.
rest taxable .
In this case the total income from rent is Rs. 396000
less Rs. 180000 is
balance 10% pay tds..
file return..
1. rental income to the extent of Rs. 180000 from land and building is exempted.
rest taxable .
In this case the total income from rent is Rs. 396000
less Rs. 180000 is
balance 10% pay tds..
file return..
Kiran Hathalia
(837 Points)
Replied 30 April 2020
Yes, the received shall be taxable in the hands of HUF after deducting standard deduction of 30%.
sabyasachi mukherjee
(27579 Points)
Replied 30 April 2020
@ kiran
the assesse is not a salaried person...
the assesment year is also not mentioned.
the assesse is not a salaried person...
the assesment year is also not mentioned.
Kiran Hathalia
(837 Points)
Replied 30 April 2020
So what??? So u mean to say that unless and until the assessee happens to be a salaried person then only the rent income shall be taxable?
sanjith kotni
(Articled assistant)
(663 Points)
Replied 30 April 2020
Yes it is taxable under sec 22
30% standard deduction will be allowed .
30% standard deduction will be allowed .
Kiran Hathalia
(837 Points)
Replied 30 April 2020
HUF is a distinct entity, distinct from its member.. so any income received by HUF in its account shall be taxable in the hands of HUF.
sanjith kotni
(Articled assistant)
(663 Points)
Replied 30 April 2020
Kiran ji
Leave his answer .It is taxable
Leave his answer .It is taxable
sabyasachi mukherjee
(27579 Points)
Replied 30 April 2020
Standard deduction is applicable for salaried INDIVIDUALS.
@ kotni
standard deduction is allowable for salaried individuals..
either u do not know the applicability of standard deduction or you have quoted me wrong..
a blogspot does not allow you to unnecessary create confusions.
@ kotni
standard deduction is allowable for salaried individuals..
either u do not know the applicability of standard deduction or you have quoted me wrong..
a blogspot does not allow you to unnecessary create confusions.
Kiran Hathalia
(837 Points)
Replied 30 April 2020
Can you quote a section in which it is stated that standard deduction is applicable to only salaried individuals.?
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