Rent higher than properties Book Value
This query is : Resolved
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
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
(Expert)
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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