I have two related querries.
1)I am a non medical person and I set up a dental clinic paying a nominal professional fees to my dentist wife(nominal fees because the clinic has not made much profits so far) . How do I calculate my tax liability? is it counted as a buissiness and taxed @ presumed 8 percent rate?
2)Suppose my wife itself is given the ownership. ..and nothing else changes, does tax calculations change? Will she have to pay tax as if a professional for her professional fees and then @ 8 percent of total gross receipts as if a buissinessman?
PS: i am a doctor. But as far as this dental clinic is concerned I am not a "professional"
CAclubindia
