Elambrancheri Khaldoon ., In re
Date: September 19, 2018
Subject Matter
In case of jointly owned property, each co-owner is separately eligible for small business exemption under Section 22 of the act.
Summary
The applicant is one of the co-owners of a jointly owned immovable property. There are 13 co-owners holding equal share in 86.78 Cents of land and building. They have rented out these properties to different parties. Total rent from all these propert…
The petitioner is one of the co-owners of a jointly owned immovable property. There are 13 co-owners holding equal share in 86.78 Cents of land and building. They have rented out these properties to different parties. Total rent from all these properties exceed twenty lakh rupees in a financial year. But, individual share is not exceeding the said threshold. Now, the owners are planning to engage…