Proerty given to use
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 November 2013
If an assessee provides his property to use with free of cost to another assessee... whether the first mentioned first is liable for tax on rent income on notional basis ??
PRATIK AGRAWAL
(Expert)
19 November 2013
Yes, the person needs to pay tax on the nominal amount
Nikhil Kaushik
(Expert)
19 November 2013
yes..the said porperty shall be taxed as notional rent.
refer:
https://www.sansfinance.com/taxation-accounts/computation-of-gross-annual-value.html
refer:
https://www.sansfinance.com/taxation-accounts/computation-of-gross-annual-value.html
CA Pallav Singhania
(Expert)
19 November 2013
Agree with Expert..
It will be taxed at notional rent...
It will be taxed at notional rent...
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