Poonawalla fincorps
Poonawalla fincorps

Rent higher than properties Book Value

This query is : Resolved 
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(Querist)
25 December 2009 Dear All,

If book value of a commertial property (owned by a Pvt Ltd) is 50 Lacs and rent per month is 5,80,000
it means total rental income is 69.60 Lacs

then how in effect in

1. INCOME TAX
2. Wealth Tax

Humbly request you all to please advice
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Abraham Cherian

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Abraham Cherian (Expert)
04 January 2010 Under Income tax the amount of income earned would be taxable as house property income. Incase of wealth tax, commercial property is exempted

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