Rent in parternish firm
This query is : Resolved
12 June 2014
hey,
i wanna ask if dere z any provision dt dere will be a deduction if 30% frm rent paid to partner wen dt rent is added to his income for his computation of tax
12 June 2014
no there is no such provision at the time of payment of rent......however, he can claim standard deduction (30%) under section 24 in his personal tax return.
12 June 2014
income of rent in hand of partner taxable under income from house property and partner can claim deduction u/s 24
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