Rank: Elder Joined: 9/12/2006 Posts: 1,554
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ralp_mutu wrote:Jamani wrote:ralp_mutu wrote:The amount taxed is Gross rent income less the operating expenses eg caretaker salaries, Agency fees, repairs, Rates, Accountancy etc. The rest share with Njiraini. Thats if ownership is under a limited company, if not or rather in your name then you first share the gross with Njiraini before paying other expenses. Refer section 15(1) of the Income Tax Act I have read section 15(1), which is subject to section 16 if you read both you will get the idea i was talking about. I didnt read the whole document though my understanding of section 15 and 16 refers to a legal person(company) not a natural person (individual, me and you). I stand to be corrected/enlightened by learned friends.
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