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HUF RENTAL INCOME

SDR ASSOCIATES (375 Points)

30 April 2020

if we received 33000 per month by rent from an individual to our HUF bank account tax applicable or not

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24 Replies

sabyasachi mukherjee (26047 Points)
Replied 30 April 2020

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..

Kiran Hathalia (831 Points)
Replied 30 April 2020

Yes, the received shall be taxable in the hands of HUF after deducting standard deduction of 30%.

1 Like

sabyasachi mukherjee (26047 Points)
Replied 30 April 2020

@ kiran

the assesse is not a salaried person...
the assesment year is also not mentioned.

SDR ASSOCIATES (375 Points)
Replied 30 April 2020

Ass.year.2020-21

Kiran Hathalia (831 Points)
Replied 30 April 2020

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?

1 Like

sanjith kotni (Articled assistant) (663 Points)
Replied 30 April 2020

Yes it is taxable under sec 22
30% standard deduction will be allowed .

1 Like

Kiran Hathalia (831 Points)
Replied 30 April 2020

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.

1 Like

sanjith kotni (Articled assistant) (663 Points)
Replied 30 April 2020

Kiran ji

Leave his answer .It is taxable

SDR ASSOCIATES (375 Points)
Replied 30 April 2020

K thank u all

Pankaj kumar (2 Points)
Replied 30 April 2020

Yes ....taxable

Kiran Hathalia (831 Points)
Replied 30 April 2020

Welcome!

sabyasachi mukherjee (26047 Points)
Replied 30 April 2020

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..

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