Rental income
14 important questions on Rental income
What marks the commencement of rental income according to S4(a)?
What happens if maintenance or support services are not comprehensively or actively provided?
When is rental income taxable as S4(a)?
- Maintenance of the real property: stairways, lobby, corridors, lifts, pipes, sewage.
- Maintenance of the exterior part of the real property: car parks, playing field, walls + fence, etc.
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When can IBA be claimed for a factory/warehouse rented out by the owner?
- If a person owns a factory/warehouse.
- Lets out the factory/warehouse for rental.
- Building is used as a factory for manufacturing/as a warehouse for warehousing business by the tenant.
- IBA will be claimed by the owner against the rental income received.
What is the IBA tax treatment on IB which is not a factory/warehouse?
- IBA can be claimed against the business income if the IB is used for the business.
- The IB has to be owner business occupied.
- If rented out, the owner cannot claim IBA against the rental income.
What is the significance of the date in relation to expenses incurred before the commencement of rental income?
When cant IBA be claimed by the owner for a rented-out building?
- If the owner rents out an IB which is NOT a factory/warehouse.
- IBA cannot be claimed against the rental income received by the owner.
- Owner cannot rent out the building but use it for business.
How is advance rental treated for S4(d) rental income?
Revise computation.
What is not deductible if the rental of the property has not commenced yet?
What is the treatment for expenses on advance rental for two S4(d) income properties?
When are expenses deductible in the production of rental income?
Why are initial expenses not deductible?
Under what conditions are expenses incurred during temporary cessation deductible?
1) The vacant period occurs after it has been let out before.
2) Letting ceases temporarily due to repair or renovation.
3) Absence of tenants for <=2 yrs
4) maintained in good condition and ready to let out
How is the advance rental treated for S4(a) rental income?
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