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Rental Income, S4(d), 50% exemption on rental income for R -Rental…

- - - - For IB(non factory), partially rented out following rules will apply:
        
        Rented space <= 10% total floor area of IB
        WHOLE BUILDING qualify for IBA against biz income
        
        Rented space >10% of total floor area of IB
        Only part of IB not rented out qualify for IBA against biz income
- - - - Let out cease temporary becos:
        -repair + renovation
        -absence of tenant <= 2 years
        -events that is beyond control of owner incurring
        -legal injunction
      - Real property maintained in GOOD condition & ready to let out anytime.
      - Property was let out prior to period being vacant.
- - - - Include: Maintenance of real property (lift, stairway, lobby, corridor)
        Maintenance of external real property (car park, field, walls, fence)
  - - - Related party : Individual are relatives, companies holding >= 20% ordinary/preference share cap, Co+Individual one party able to control the other
      - If rental charged to related party NOT at arm's length, DG will adjust accordingly
- - - - Rental income taxed on ACCRUAL basis / advance rental taxable in YA of RECEIPT / can claim CA
  - - - Rental taxed on RECEIPT basis / advance rental taxable in YA of receipt / no claim CA
- - - - Expense deductible in YA expenses are incurred
    - - Expenses deductible in YA expenses incurred against gross rental for other property
  - - - Expense deductible in YA same YA advance rental taxable
      - Amendment to assessment to be done for that YA
    - - Expenses deductible in YA expenses incurred against gross rental for other property