29 November 2010
If partner has provided Land to the firm, can he take rent from such firm ? I think there are two options - 1) Introduce as capital but no depreciation is available on Land. but 2) If we allow Rent to partner we can get tax benefit on rent expenditure. This option seems better from tax point of view. But my question is is this allowable ? Please guide. Thanks in advance.
CAclubindia
