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Chargeability

Rent received by partner from partnership firm in which he is a partner chargeable under which head ?? Please answer this with sufficient explanation.


VIJAYA SARADHI MAGANTI

VIJAYA SARADHI MAGANTI

CA Foundation

850

03-Oct-20 20:22

6

Answers (5)

Income from house property


Suraj Lakhotia

Suraj Lakhotia

Admin

04-Oct-20 12:21

There are some case laws like CIT vs K.M.Jagannathan, CIT vs N.Vaidhyanathan, CIT vs Rasiklal Balabhai in which they are concluded that rent received by the partners from partnership firm cannot be included in income of partner under house property head. Then how should we understand this ?? Please clarify...


VIJAYA SARADHI MAGANTI

VIJAYA SARADHI MAGANTI

CA Foundation

850

04-Oct-20 18:48

Will cross check with faculty and let you know.


Suraj Lakhotia

Suraj Lakhotia

Admin

05-Oct-20 15:45

Ok, Thank you for reply. Hope I will get the answer soon...


VIJAYA SARADHI MAGANTI

VIJAYA SARADHI MAGANTI

CA Foundation

850

05-Oct-20 18:54

Ok, Thank you for reply. Hope I will get the answer soon...

Generally it is taxable under HP. But if there is an arrangement which brings it like a remuneration it could be charged under business. This depends on facts of case.


Suraj Lakhotia

Suraj Lakhotia

Admin

10-Oct-20 13:33