Property given on heavy deposit
This query is : Resolved
30 December 2009
hello everyone,
one of aur client gives residential house property to tenant on heavy deposit. the deposit amount doesnot earn any interest.it is refundable when the tenant vacates the house.
income shown under house property is NIL
deposit is shown as liability in the balance sheet.
IS THIS TREATMENT CORRECT.
one of aur client gives residential house property to tenant on heavy deposit. the deposit amount doesnot earn any interest.it is refundable when the tenant vacates the house.
income shown under house property is NIL
deposit is shown as liability in the balance sheet.
IS THIS TREATMENT CORRECT.
30 December 2009
No.
Income from house property is taxable according to annual value.
Pl. refer section 23(1)
Income from house property is taxable according to annual value.
Pl. refer section 23(1)
30 December 2009
Agree with Sir Rakhecha.
But as far as the deposit is concerned the treatment is correct.
But as far as the deposit is concerned the treatment is correct.
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