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Partners rental income
Whether the building rental income received by the partners of a registered firm comes under the purview of GST and the tax implications on that?
Replies (1)
Rental income received by partners is subject to GST if it arises from renting of commercial property or residential property used for commercial purposes, even when rented to their own partnership firm. GST does not apply only where a residential dwelling is rented for use as residence. Partners and firms are treated as separate persons, so Schedule III exemptions do not apply.
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