Socialism is basically an economic system in which the core objective is to create equality among the members of the society along with the existence of class system and religion.
Whereas, communism is an economic and political system that believes not only in the equality of society but also advocates a political ideology in which a classless and free society exists without any religion.
Socialism supports a view in which the society or individuals elect their leaders or councils and give them the power to make rules for running the economy of the country. According to this system, all people have a say in the management of economy.
However, communism supports the idea that a single power or party should decide how the political and economic system will work and the opinion of common people does not hold any worth. In communism, a few people will decide the fate of the masses in this.
Socialism gives reward to everyone based on his efforts. People who work hard will get more reward according to their contribution whereas those who put in less effort will be awarded accordingly.
On the other hand, communism does not reward on the basis of efforts of the individuals. It supports the view that people should be rewarded according to their needs no matter how much they contribute in the production.
In socialism, the private ownership of property is allowed but only that property which can be used for individual basis. However, individuals will not own the industrial units.
On the contrary, there is no concept of private ownership in communism. According to this system, everything is owned by the state and should be equally used by all people of the country.