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rent income
Resident income is taxable for Resident???
Replies (7)
| Originally posted by : manish jain | ||
 |
Resident income is taxable for Resident??? |  |
Yes
YES IT IS TAXABLE. AND WILL BE TREATED AS INCOME FROM HOUSE PROPERTY.
Its taxable under GST
IF RESIDENTAL PROPERTY IS LETOUT FOR RESIDENTAL PURPOSE THEN GST NOT APPLICABLE.
As per SECTION 11 read with Notification No. 12/2017 CT, dated 28/06/2017 exempts rental income received from Residential House Property let out for Residential purpose.
But if the same is let out for Commercial purpose, then GST applicable @ 18%.
But if the same is let out for Commercial purpose, then GST applicable @ 18%.
Rs. 600000/- p.a. rent received and also he is a partner wherein he receiving salary and profit about Rs. 18 lakhs. whether he has to register under GST ?
No, since share in firm is not business or profession income.
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