Rent income
This query is : Resolved
23 July 2017
Hello,
I am a small business owner. I had purchased commercial property in the name of my wife and take a loan from bank. Loan is jointly taken in the name of mine and my wife. Loan is repaid from my proprietary concern.
Property is used by my proprietary firm.
Should I have to pay rent to my wife?
What will be the implication of GST?
Interest paid to bank should be eligible for deduction?
Please guide me.
I am a small business owner. I had purchased commercial property in the name of my wife and take a loan from bank. Loan is jointly taken in the name of mine and my wife. Loan is repaid from my proprietary concern.
Property is used by my proprietary firm.
Should I have to pay rent to my wife?
What will be the implication of GST?
Interest paid to bank should be eligible for deduction?
Please guide me.
18 October 2021
Depending upon the use of the property in business, you can claim the expenses along with interest paid, but not rent to wife.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst credit note by supplier
- Missed uploading GST Invoice
- GST on reimbursement of expenses
- Query on effect of registration of property
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Additional trade name
- Number of years as per AS amortisation of Goodwill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
