Lease of house to M.D
This query is : Resolved
27 October 2010
Dear Sir,
Mr. X is the Managing director of XYZ Pvt Ltd co. Mr. X owns a flat.
The company intends to take the flat owned by Mr. X on lease for rent of Rs. 25,000 per month and give it to Mr. X himself as Rent free accommodation. Is this valid?
If valid , is the company liable to deduct TDS on lease rent.
Please clarify,
Thanking you,
FROM,
V. Prasad.
Mr. X is the Managing director of XYZ Pvt Ltd co. Mr. X owns a flat.
The company intends to take the flat owned by Mr. X on lease for rent of Rs. 25,000 per month and give it to Mr. X himself as Rent free accommodation. Is this valid?
If valid , is the company liable to deduct TDS on lease rent.
Please clarify,
Thanking you,
FROM,
V. Prasad.
27 October 2010
1) Ya there is nothing wrong in this transaction, infact most of the public limited company do this for eg.BPCL.
2) tds will be required to be deducted.
2) tds will be required to be deducted.
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