HUF RENTAL INCOME

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380 Points Posted on 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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On 30 April 2020 at 11:01 Report
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This discussion clarifies whether rental income received by a Hindu Undivided Family (HUF) is subject to tax. It's confirmed that rental income exceeding the exemption limit of Rs 180,000 per annum is taxable in the hands of the HUF. A standard deduction of 30% is applicable against this income, with some debate occurring regarding the specific sections and applicability of standard deductions for different types of income.

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Profession
28271 Points Posted on 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..
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On 30 April 2020 at 11:44
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837 Points Posted on 30 April 2020
Yes, the received shall be taxable in the hands of HUF after deducting standard deduction of 30%.
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On 30 April 2020 at 11:49
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28271 Points Posted on 30 April 2020
@ kiran


the assesse is not a salaried person...
the assesment year is also not mentioned.
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On 30 April 2020 at 11:59
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380 Points Posted on 30 April 2020
Ass.year.2020-21
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On 30 April 2020 at 12:13
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837 Points Posted on 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?
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On 30 April 2020 at 12:13
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Articled assistant
663 Points Posted on 30 April 2020
Yes it is taxable under sec 22
30% standard deduction will be allowed .
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On 30 April 2020 at 12:13
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837 Points Posted on 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.
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On 30 April 2020 at 12:14
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Articled assistant
663 Points Posted on 30 April 2020
Kiran ji

Leave his answer .It is taxable
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On 30 April 2020 at 12:15
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380 Points Posted on 30 April 2020
K thank u all
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On 30 April 2020 at 12:16
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2 Points Posted on 30 April 2020
Yes ....taxable
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On 30 April 2020 at 12:18
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837 Points Posted on 30 April 2020
Welcome!
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On 30 April 2020 at 12:20
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28271 Points Posted on 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..



a blogspot does not allow you to unnecessary create confusions.
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On 30 April 2020 at 13:43
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837 Points Posted on 30 April 2020
Can you quote a section in which it is stated that standard deduction is applicable to only salaried individuals.?
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On 30 April 2020 at 17:35
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Profession
28271 Points Posted on 30 April 2020
Read the act you will get to know.
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On 30 April 2020 at 21:56

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