Amount received on vacating a rented property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 November 2010
If assessee vacates a rented property and receives some money for vacating the said property then under which head of income such amount will be treated as income and taxed and what deductions he can claim out of this income
04 November 2010
taxed under the head " income fromm other sources" as casuak income. No deduction will be available.
04 November 2010
I assume the following
1.The assessee is the tenent
2.Owner is paying amount to the tenent/assessee to vacate the premises.
First of all Why do you want to show the income?
If you really want to declare this income, it shall be under the head"Income from other sources". As Mr.Shaliesh Kumar has rightly said there is no deduction for such income.(As you have not incurred any expenses to earn this income)
1.The assessee is the tenent
2.Owner is paying amount to the tenent/assessee to vacate the premises.
First of all Why do you want to show the income?
If you really want to declare this income, it shall be under the head"Income from other sources". As Mr.Shaliesh Kumar has rightly said there is no deduction for such income.(As you have not incurred any expenses to earn this income)
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