CA Final Docent (No work) (690 Points)
12 November 20111.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!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
CA VISHAL RANA,CS,B.Com,AMFI
(Chartered Accountant in Whole Time Practice)
(4354 Points)
Replied 12 November 2011
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
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