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Can Partner take rent from firm ?

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 November 2010 If partner has provided Land to the firm, can he take rent from such firm ? I think there are two options -
1) Introduce as capital but no depreciation is available on Land. but
2) If we allow Rent to partner we can get tax benefit on rent expenditure. This option seems better from tax point of view. But my question is is this allowable ?
Please guide. Thanks in advance.
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CA Sanat Pyne

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CA Sanat Pyne (Expert)
29 November 2010 YES IT IS ALLOWABLE.
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CA.ViVeK M ACA

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CA.ViVeK M ACA (Expert)
29 November 2010 The above Both options will be allowable provided the same must have to be entered to the partnershpdeed
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CA.Varun Ranjan

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CA.Varun Ranjan (Expert)
30 December 2010 yes its ok
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