My client given their Residential Guest House to their Director Rent Free for the full year. Remuneration of Director is Rs.7,000/- p.m., Director not having any other accomodation. Company is in the business of Property Matters.
1) What is the Tax Implication in the case of Company under Income Tax & Wealth Tax Act?
2) What is the Tax Implication in the case of Director under Income Tax & Wealth Tax Act?
If Director's Remuneration is Rs.4,000/- p.m., then what is Tax implication in the above two cases.
CAclubindia
