1.when the property of assesse is used by the firm ,to carry on business, in which he is partner, then income there from is taxable under which head?
2 in case of composite letting, when income from rent and income from furniture provided is not separable then it is taxed under which head?
please help me guys i am confused!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
In case-1- if firm will pay for rent property used then rent will taxable in tha hands of partner in house property & deduction will be allowed to the firm in sec-30....otherwise if firm will not pay rent..then annual value is not taxable in the hands of partner..and deduction will not allowed to the partner.
in case2--if composite rent not seprable then income will be taxed in house property head
thanku very much sir
Kothari Jain Patil & Chartered Accountants
Pune
CA Inter
View Details
Murali and Sumeet Chartered Accountant
Bengaluru
CA Foundation
View Details
CCI
Pro
CAclubindia
