Kanika khetan (Sr. Associate) (331 Points)
28 September 2018Hi experts,
We have a sole propertiorship business with turnover more than 20 lakh. We are receiving personal income of rent (Personal property given on rent for commercial activity). How should we treat this income?
Is it to be included in the same GSTIN ?
Should we show the amount in PnL a/c during accounting ?
(The amount is received in personal bank account)
Thanks.
CA Naveen Chand
(Chartered Accountant)
(12729 Points)
Replied 28 September 2018
it shall not be taken as business income however it is taken as other income in pl
and while computation of income tax it will be included in income from house property
Dnyaneswar Dhamode
(31 Points)
Replied 28 September 2018
Kanika khetan
(Sr. Associate)
(331 Points)
Replied 29 September 2018
Should it be included in turnover from same GSTIN even if it is personal income ?
Dnyaneswar Dhamode
(31 Points)
Replied 29 September 2018
CAclubindia
