Taxability on notional income

Tax queries 916 views 2 replies

CA CS in Job

675 Points Joined September 2008

A company has it own ofiice building.

He gave the ground floor of building to a bank WITHOUT charging any rent.

Wether the department can Charge tax on any notional Rent from company.???????

Replies (2)

Guest

Yes it will be liable to tax on notional basis. The dept. will assume it as deemed to be let out property.

CHARTERED ACCOUNTANT

333 Points Joined January 2009

Please state contents of the agreement entered into between theCompany and Bank while leasing out the Ground floor of the office building.

CA. Ashok Shah

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