rent received from company by director
This query is : Resolved
12 December 2009
hi friends
someone help me
Director of the company receive no rent from a private company in which he is director.
whether Notional rent is taxable under house property?
whether we can apply the exception of sec 22 of income tax act (i.e. whether we can say that the companies business is the business of the owner-ie.director)
i m unable to find any legal decision regarding this issue
please if any one have solution help me
thanks
Regards
Nagendra Sah
someone help me
Director of the company receive no rent from a private company in which he is director.
whether Notional rent is taxable under house property?
whether we can apply the exception of sec 22 of income tax act (i.e. whether we can say that the companies business is the business of the owner-ie.director)
i m unable to find any legal decision regarding this issue
please if any one have solution help me
thanks
Regards
Nagendra Sah
12 December 2009
yes rent will be taxable , in the hand of director under house property
12 December 2009
whether we can apply exception to sec 22?
i.e. purpose for business or profession
i.e. purpose for business or profession
12 December 2009
No; the Director and the Company are separate legal entity. Business is being run by the Director for the Company. Hence it is the business of the company.
Hence you cannot claim exception to Sec. 22
Hence you cannot claim exception to Sec. 22
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