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Rent received by partner from partnership firm in which he is a partner chargeable under which head ?? Please answer this with sufficient explanation.
Answers (5)
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...
Thread Starter
VIJAYA SARADHI MAGANTIOk, 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.
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