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Individual owned commercial property

Others 403 views 1 replies

A person owns a commercial property which is an office space in a commercial cum residential building in his own name for the purpose of using the office space for his business which is a proprietorship concern.

Can the proprietorship concern pay property tax of the office space instead of the individual and can this be treated as an expense in the proprietorship business or will it be treated as drawings?

If the individual pays the property tax then can he claim it as a deduction?

Replies (1)

Yes, it can be deducted as expense in business account, when paid from firm account, provided you are actually using it for running the business.


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