I have a shop in a Mhada building and am planning to give in on rent.
Please advise as to what kind of agreement, viz leave and license or franchisee agreement, etc. needs to be done in order to have better tax management.
Rajesh (ABC) 25 October 2010
I have a shop in a Mhada building and am planning to give in on rent.
Please advise as to what kind of agreement, viz leave and license or franchisee agreement, etc. needs to be done in order to have better tax management.
A V Vishal (Advocate) 25 October 2010
Tax management does not depend on the type of agreement your entering into. Since you are the sole owner, you will be assessed to income tax on the amount of rent received clubbed with other sources of income after giving the eligible deductions/exemptions which you are entitled under the provisions of Income Tax Act. It is advisable to contact a Chartered Accountant locally or the tax consultant who regularly files your return of income.
Rajesh (ABC) 25 October 2010
Thank you very much for your advise.
Actually my question was that if i happen to make a Leave and License agreement then according to the laws of Mhada can i make it? I am under the impression that since its a Mhada owned property i cannot rent the property.Kindly clarify.
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