Composition scheme for Retail and rent income

4987 views 22 replies
There is no clubbing in gst. Clubbing provisions are there in the IT Act 1961.
Avinash ji what your opinion for me .what I do
Clubbing prov is in IT but in GST everything what is in Income Tax will reflected in GST also
there is no such condition in gst laws that turnover related to clubbed income shall be added to the turnover of the person in whose income the income has been clubbed......and secondly in the present case if son in major, then even clubbing provision will not aterect....
thx for your quality suggestions .it's not be batter for me that I transferred my retail business to my son. I running my hotel bussiness under gst free
@ Sanjay... to come under composition scheme you have to transfer your property. We should not ignore the income tax implications of this.
If you transfer your property to any relative as defined u/s 2 (41) of the Income Tax Act without consideration, the value of the property will not be added to his/her income. However if you transfer your property to your spouse, son's wife or son's minor child without adequate consideration, income from that property will be clubbed in your hands u/s 64 of the IT Act. So be careful to whom you transfer your property. If you transfer your property to any relative other than the 3 mentioned above, you will be saving income tax too. But you cannot ignore the cost of transfer on registration which will be incurred.
it's the good for me that I give my business at leease and take adequate consideration
what if, the rental income recieved by a composite dealer is from a residential property used for residence?


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