Rental income of a partnership firm
This query is : Resolved
Guest
Guest
(Querist)
25 August 2011
sir,
a partnership firm income is rental income from houses & shops Rs 3560000.00and agricultural income is Rs 167000.00.All properties owner are members of partnership firm .how calaculated income tax for the A.Y. 2011-12
a partnership firm income is rental income from houses & shops Rs 3560000.00and agricultural income is Rs 167000.00.All properties owner are members of partnership firm .how calaculated income tax for the A.Y. 2011-12
25 August 2011
rent income if normal operating than take it in business income and agriculture income is exempt but included for tax calculation.
25 August 2011
Any Income Earned through Business it covered under Business & Professional Income and agriculure income is exempt
26 August 2011
Since the property is owned by partners, income is to be assessed in the partner's hand under section 22 of the Income tax Act,1961.
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