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Rent deed

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(Querist)
28 August 2014 Two Brothers "A" & "B" Purchases shop jointly having equal share of Rs:-78 Lakhs. B is conducting its own business in that shop

can "A" receive rent from "B" as A have invested funds in shop but only used by B?

Further will it be necessary to have rent deed between them for claiming rent exp in income tax. B is covered by Audit?
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CA Devanand Jethanandani

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CA Devanand Jethanandani (Expert)
28 August 2014 Dear Kamlesh,

Of course A can receive rent from B.

Yes rent deed is must.
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CA Kamlesh Kukreja

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CA Kamlesh Kukreja (Querist)
28 August 2014 is it necessary to notarise that as rent is req for april 2014 but notary will be done now




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