Income tax on jointly held mandap income
This query is : Resolved
05 March 2014
Dear Sir,
The facts of the case is as below:
1. A property which is Used as Mandap (Convention Hall) is jointly held by couple.
2. There is no partnership agreement.
3. Amount received in joint name credited to their joint name.
4. Expenses are deducted and net profit arrived.
Query :
a. Whether is to be treated as AOP and income tax accordingly? OR
b. Whether is can be treated as House Property and claim share of income and related expenses as allowed under law in their individual names separately.
Request all experts to clarify with their views.
Regards.
Nagappa
The facts of the case is as below:
1. A property which is Used as Mandap (Convention Hall) is jointly held by couple.
2. There is no partnership agreement.
3. Amount received in joint name credited to their joint name.
4. Expenses are deducted and net profit arrived.
Query :
a. Whether is to be treated as AOP and income tax accordingly? OR
b. Whether is can be treated as House Property and claim share of income and related expenses as allowed under law in their individual names separately.
Request all experts to clarify with their views.
Regards.
Nagappa
05 March 2014
I suggest treat it as Business income . And I suggest to file it as partnership, coz in Partnership there is no mandatory to form deed, it can b started by will also.
So book all the income & expenses in equal ratio & treat respectively.
So book all the income & expenses in equal ratio & treat respectively.
05 March 2014
both are treated as CO-owner and accordingly u need to take it as ind share of income as income from renitng so income from house property only.
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