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HUF RENTAL INCOME
if we received 33000 per month by rent from an individual to our HUF bank account tax applicable or not
Replies (24)
Quick Summary
Sec 194I stipulates the following :
1. rental income to the extent of Rs. 180000 from land and building is exempted.
rest taxable .
In this case the total income from rent is Rs. 396000
less Rs. 180000 is
balance 10% pay tds..
file return..
1. rental income to the extent of Rs. 180000 from land and building is exempted.
rest taxable .
In this case the total income from rent is Rs. 396000
less Rs. 180000 is
balance 10% pay tds..
file return..
Yes, the received shall be taxable in the hands of HUF after deducting standard deduction of 30%.
@ kiran
the assesse is not a salaried person...
the assesment year is also not mentioned.
the assesse is not a salaried person...
the assesment year is also not mentioned.
Ass.year.2020-21
So what??? So u mean to say that unless and until the assessee happens to be a salaried person then only the rent income shall be taxable?
Yes it is taxable under sec 22
30% standard deduction will be allowed .
30% standard deduction will be allowed .
HUF is a distinct entity, distinct from its member.. so any income received by HUF in its account shall be taxable in the hands of HUF.
Kiran ji
Leave his answer .It is taxable
Leave his answer .It is taxable
K thank u all
Yes ....taxable
Welcome!
Standard deduction is applicable for salaried INDIVIDUALS.
@ kotni
standard deduction is allowable for salaried individuals..
either u do not know the applicability of standard deduction or you have quoted me wrong..
a blogspot does not allow you to unnecessary create confusions.
@ kotni
standard deduction is allowable for salaried individuals..
either u do not know the applicability of standard deduction or you have quoted me wrong..
a blogspot does not allow you to unnecessary create confusions.
Can you quote a section in which it is stated that standard deduction is applicable to only salaried individuals.?
Read the act you will get to know.
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