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
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
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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