Rental income cum share income

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This query is : Resolved

jinesh (Querist)

29 November 2014 Dear Sir,

I have a client
who's having Rental income in cash of rs.20000/- he keeps record of the same
he wants to file income tax return and show the amount of Rs 240000/-(pa.)
to his return.he is also having share income( Both Short and long term). how to maintain the accounts for both kind of incomes
how to save tax on these income( Rental and Share Income)? Many payments received in cash so how to deal with cash portion received?

He want to maintain the share Income in his Tally Software the how to maintain daily Sale and Purchase transaction. please let me know how to maintain the share records in Tally?

Amol S Joglekar

Amol S Joglekar (Expert)

29 November 2014 01. Show rental income as income from house property. (Dont forget the provisions of 194I for TDS) So be carefull in CASH rent
02. Tally entry are simpler. Basically find out in how many scrips trading is done. If it is upto 10 (Which is normally the behaviour of the share traders), you can open the account in the name of that scrip. Open account of margin trade, investment trade and so on.

jinesh

jinesh (Querist)

29 November 2014 Dear Amolji,
i m not clear in your answer. please how practically do this transaction. how to deduct tax on rent income?

How to save the tax in this kind of matter so that party would get benefit

Rupesh Jain

Rupesh Jain (Expert)

29 November 2014 you can make the share a/c for each scripts and make sale and purchase entry in that .

and share you cannot sold w/o trading a/c for that you have take the trading a/c statement.

and for rent income you maintain the separate a/c

jinesh

jinesh (Querist)

02 December 2014 in this can i prepare the same in tally accounts? for making each script as ledger or not?

what to do with rent income. If i record the rent income then should i deposit the TDS on the same?

if i dont show rent as income still then i have to make that source as genuine?

Let me know the same in detail for planning purpose.

Amol S Joglekar

Amol S Joglekar (Expert)

02 December 2014 Yes, do make TDS on rent. IT is applicable in your case.

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