Welcome to Monday Corner, an initiative from Tax Publishers…
Monday Corner is specially designed to reward the intellectuals like you:
- We will send a Brainteaser on every Monday through email to your inbox and
- You need to send your answer in revert with reasoning by Wednesday at quiz.taxpub@gmail.com
The most suitable reply will be uploaded on our website (www.taxpublishers.in) in Monday Corner along with the photo/credentials of the winner of the week. If, per chance, winner happens to be more than one, the result will be drawn by lottery.
The winner would receive any one of the following books as free gift...
Quiz for the week (18 Nov 2024) :
Suman and his 4 friends acquired a piece of vacant land jointly and paid equal amount for its acquisition. They constructed a commercial building in the said land by taking a bank loan jointly for construction purpose. After completion of construction, it was let-out for a monthly rent of Rs.1.50 lakhs to a listed company by entering in to an agreement with the tenant by describing them as Suman & others. They opened a bank account jointly where monthly rent was credited and loan instalment due to the bank was paid. All of them admitted one-fifth of the rental income in their personal income-tax return. The AO wants to assess the rental income of all from the said let-out property as AOP. Decide the validity of his action?
Kindly mail your answers on or before 25th November, 2024.