Lease Rent Income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 June 2011 An assesse is a Private Limited Co., which expenses would be allowable if the assesse has only Sub lease rental Income.

The said property was purchased initially to start manufacturing activity but it never took off!!
Hence the property is give under sub lease.
Repairing of the shed, 20% miscelleneous Exps of earlier year as it was no income during previous years , interest paid to directors & its relatives, lease premium etc. are some of the expenses against sub lease income

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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27 June 2011 Which expenses means what? All expenses incurred for business purpose shall be allowed. If against the main lease the company has sub leased the property then for what purpose it was taken on lease and if for subleasing then the answer will be quire different.

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