Rental income is exempted or not
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 November 2012
WHEN A SOCIETY REGISTERED UNDER SOCIETIES ACT THEN WHETHER INCOME FROM A SCHOOL(WHICH IS RUN UNDER THE SOCIETY) IS EXEMPTED OR NOT? 2.IF RECEIPTS OF SCHOOL(WHICH IS RUN UNDER THE SOCIETY NAME)IS RS.32 LAKHS IN F.Y.2010-2011 & RS. 80 LAKH IN F.Y.2011-2012 and rental income rs 1000000 recived for other party so rental income is exempted or not
CA PARAS BAFNA
(Expert)
10 November 2012
The rental income is not being received from
another party. Here, it seems that money is going from one pocket of the assessee to his another pocket and it is a settled law that a person can not earn income from himself. So, when it is not income, it is not taxable.
another party. Here, it seems that money is going from one pocket of the assessee to his another pocket and it is a settled law that a person can not earn income from himself. So, when it is not income, it is not taxable.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst credit note by supplier
- Movement of goods by packers and movers - type of sale - Reg.
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Missed uploading GST Invoice
- Query on effect of registration of property
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
