10 September 2009
A sole proprietary concern had the rental income beside the major business income. Now the concern has been converted in the Partnership firm. But still the rent is received in the name of Sole proprietor concern and the TDS Certificate is also recd in the samne name.
So in whose hands will that income be taxed? Will it be the individual who had the concern earlier and now is the partner, or the partnership firm's income?
11 September 2009
Rental income should be assessed with the owner of the property. So if the proprietor still hold ownership rent should be assessed in the name of proprietor only.
CAclubindia
