Rent on factory building
This query is : Resolved
Rakesh Sharma
(Querist)
27 November 2014
My friend is running a proprietor concern using factory building which is in the name of his brother. Is the rent agreement is compulsory to be executed (One of my friend, CA, advised me for no need to execute because of blood relation).
Further, if we execute the rent agreement, where we show rent exp, either in trading a/c or profit & loss a/c.
Please advise regarding above fact.
Further, if we execute the rent agreement, where we show rent exp, either in trading a/c or profit & loss a/c.
Please advise regarding above fact.
Rupesh Jain
(Expert)
27 November 2014
you have to make the rent agreement for claiming exp. and also under various law it is required for registration.
and exp will be direct exp. of factory area rent.
and exp will be direct exp. of factory area rent.
Rakesh Sharma
(Querist)
27 November 2014
I request to Nikhil Kaushik Sir / Sanjay Gupta Sir / B. Chackrapani Sir, please advise me.
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