Dear Sir,
The facts of the case are as below:
1. A property which is Used as Mandap (Convention Hall) is jointly held by couple.
2. There is no partnership agreement.
3. Amount received in joint name credited to their joint name account.
4. Total Expenses are deducted and net profit arrived.
Query :
a. Whether is to be treated as AOP and income tax accordingly? OR
b. Whether is can be treated as House Property and claim share of income and related expenses as allowed under law in their individual names separately.
Request all experts to clarify with their views.
Regards.
Nagappa
CAclubindia
