Sir A firm mortgage his godown to another one in order to get money for discharging of it's liability My questions are
A firm received money for speculated time Can it treat as a secured loan in which head of balance sheet it shown
Firm B gets rights from mortgage property to receive rental income what is income tax or GST treatment in this regard
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Mortgage with possession
Replies (2)
As far as GST is concerned, rent received from third party is supply of services i.e. renting of immovable property taxed at 18%. interest income received is exempt. pls check registration threshold.
Yes, a friend of mine recently inquired about a similar issue.
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