Renting or hiring anything means getting some services, things, objects, property for any particular period of time and employ that thing or object into ones use. The rented things are owned by any other individual or organization. The term rent has different meaning in different prospects. If you see it through the law then it has different meaning, visualizing and understanding from the viewpoint of an economist you will get a different view and meaning and in general common man language it is totally different.
[web_stories title=”false” excerpt=”false” author=”false” date=”false” archive_link=”true” archive_link_label=”” circle_size=”150″ sharp_corners=”false” image_alignment=”left” number_of_columns=”1″ number_of_stories=”5″ order=”DESC” orderby=”post_title” view=”circles” /]
From the view point of an economist, economic rent is the payment to the factor of production or owner of the factors in surplus of the costs that is required to bring that factor into production.
There are many countries or in many jurisdictions rent used in the trade or business is tax deductible. So, it is necessary to obtain the Certificate of rent paid.
Certificate of Rent Paid
The owner of the rental place if renting his place to someone, then he must provide or his managing agent must provide the Certificate of rent (CRP) to the tenant or the person who hired/ taken the rental property into use.
If the rental space you are providing is tax-exempt then there is no requirement to provide the Certificate of rent paid.
Rent Certificate 2018
The main reason for obtaining the Certificate of rent paid is to prove that the required rent has been paid and cleared.
If you are the renter and claiming the rebate, you need to come up with the proof that you have paid the due rent. Each place you resided in that financial year, you have to show the certificate that you have paid the rent. The authorized person, the person who is the owner and provides the place to you must sign that document certifying that you were the tenant/renter there at particular period and also have cleared all your rent.
Certificate of Rent
The sample of the certificate of rent has been provided here. Have a look at that, you can also download the given certificate of rent provided as sample to you.
The owners of the property must have paid the taxes prior to filing the form of the rent rebate. Renters must make it sure that their landlords have been paid the due taxes of the property. Renters have to have the landlord-tenant relationship and no other confidence relation for the purpose of unusual benefit from the rent rebate.