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Proerty given to use

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Querist : Anonymous

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Querist : Anonymous (Querist)
18 November 2013 If an assessee provides his property to use with free of cost to another assessee... whether the first mentioned first is liable for tax on rent income on notional basis ??
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PRATIK AGRAWAL

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PRATIK AGRAWAL (Expert)
19 November 2013 Yes, the person needs to pay tax on the nominal amount
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
19 November 2013 yes..the said porperty shall be taxed as notional rent.

refer:
http://www.sansfinance.com/taxation-accounts/computation-of-gross-annual-value.html
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
19 November 2013 Agree with Expert..
It will be taxed at notional rent...

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