Rent higher than properties Book Value

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Ambarish (Querist)
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25 December 2009 Dear All,

If book value of a commertial property (owned by a Pvt Ltd) is 50 Lacs and rent per month is 5,80,000
it means total rental income is 69.60 Lacs

then how in effect in

1. INCOME TAX
2. Wealth Tax

Humbly request you all to please advice

Abraham Cherian

Abraham Cherian (Expert)
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04 January 2010 Under Income tax the amount of income earned would be taxable as house property income. Incase of wealth tax, commercial property is exempted

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