Mrs A lives in the house of Mrs B without any rent. Does Mrs. A have to include an amount equivalent to the market value of the rent in her assessable income and pay tax on it? She is saving such amount which would have been expensed otherwise.
In the case where A Traders, a private firm is located in the house of Mrs B and Mrs. B does not take any rent because she is in no need and greed of money. In this case will A Traders need to do the inclusion of equivalent amount as mentioned above and pay tax?
In the case where A Pvt. Ltd. is in the house of Mrs. B without paying any rent. Is the quantification of rent as per prevailing market value be included in the income and pay tax on it? [2020.05.11]