Please Need help on this urgently!!
Want to know the provision under which an individual is liable for Tax audit??
One of my client owns a Building and major source of income is Rental, and such rental income are distributed to the co-owners in the defined %age, the co-owner are senior citizen and have other no incomes, and since rental income doesnt fall into the perview of section 44AB no tax audit of building takes place.
Should co-owner be liable for Tax audit if there rental income exceed 10lacs??
CAclubindia
