Firm rent income
This query is : Resolved
MANISH PATNI
(Querist)
23 August 2011
My client is partnership firm but hvg no trading activity in 10-11 but hvg income from let out of godown. Can it claim some nominal exp, interest on partners capital and remuneration out of this rental income or it has to show rental income under Income from other sources.
CA PARAS BAFNA
(Expert)
23 August 2011
Interest on Partners' Capital and Remuneration is allowed out of business income only.
.
Rental Income has to be computed under IFHP
and 30% Standard Deduction can be claimed out of Rent Received.
.
Rental Income has to be computed under IFHP
and 30% Standard Deduction can be claimed out of Rent Received.
CA Amit Joshi
(Expert)
23 August 2011
Because renting godown is not the business of firm so it is treated a Income from other source........
24 August 2011
I agree with the experts
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