Rental Properties


V

Vinman

Would someone please clear this up for me.....What is the law on deductions on a rental house, me and my brother are thinking of buying one fully furnished. What is the 129 rule they talk about? Would some please spell it out for me in laymans terms before we get involved. My accountant just retired and he is not sure who he will be leaving his clints to.Thanks in advance......Any help would be great.......
 
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A

Allan Martin

Rule



129. Investigation by Commissioner.-



(I) Where any claim is preferred to, or any objection is made to the
attachment or sale of, any property in execution of a Certificate on the
ground that such property is not liable to such attachment or sale, the
Commissioner shall proceed to investigate the claim or objection:



Provided that no such investigation shall be made when the Commissioner
considers that the claim or objection was designedly or unnecessarily
delayed.



(2) Where the property to which the claim or objection relates has been
advertised for sale, the Commissioner ordering the sale may postpone it
during the investigation of the claim or objection, upon such terms as to
security or otherwise as the Commissioner may deem fit.



(3) The claimant or objector shall adduce evidence to show that at the
date on which the Notice was originally issued by the Commissioner for the
recovery of the arrears, he had some interest in, or was possessed of the
property in question.



(4) Where, upon the said investigation, the Commissioner is satisfied
that, for the reason stated in the claim or objection, such property was at
the said date in the possession of the defaulter or of some person in trust
for him or in the occupancy of a tenant or other person paying rent to him,
or being in the possession of the defaulter at the said date, it was so in
his possession, not on his own account or as his own property, but on
account of or in trust for some other person, the Commissioner shall make an
order releasing the property, wholly or to such extent as it was not it in
possession of the defaulter on his own account, from attachment or sale.



(5) Where the Commissioner is satisfied that the property was, at that
date, in the possession of the defaulter as his own property and not on
account of any other person, or was in possession of some other person in
trust for him or in the occupancy of a tenant or other person paying rent to
him, the Commissioner shall disallow the claim.







Vinman said:
Would someone please clear this up for me.....What is the law on
deductions on a rental house, me and my brother are thinking of buying one
fully furnished. What is the 129 rule they talk about? Would some please
spell it out for me in laymans terms before we get involved. My accountant
just retired and he is not sure who he will be leaving his clints to.Thanks
in advance......Any help would be great.......
 

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