Swami Ayyappa Nuli (TAX ADVISOR & CONSULTANT AT G.S.T SUVIDHA CENTER) (1372 Points)
28 June 2013If HUF has only interet income derived from renting a property which was transfered at free by member of HUF,then interest arise there on shall be taxable in the hands of such member as per clubbing provisions
now wheather IT return should file in the name of HUF for interest income?
or
IT return should file in the name of INDIVIDUAL(member of HUF)
CA Vinay parmar
(Chartered Accountant)
(1318 Points)
Replied 28 June 2013
Dear Nuli,
First of all the income derived from Renting a property is known as Rent Income and not Interest Income.
second thing as per clubbing provision the same will be taxable in the hand of Individual and he will get standard deduction of 30% as the income will be consider as income from house property. and for that IT return should be filed in the name of Individual
Regards
CA Vinay Parmar
CAclubindia
