tax imolication of rent received in advance
This query is : Resolved
04 January 2010
plz post me the answer regarding the taxability of advance rent received in the year 2009-2010, whether it will be included for the purpose of calculating Annual Value in the Assessment year 2010-11 ?
04 January 2010
As dediced in the case of:
CIT vs PRINCE RUBBER AND PLASTICS (2004)
that "Advance Rent cannot be considered as rent received/receivable in the year of actual receipt"
Therefore, Advance rent will be taxable only in that year for which it has received by the assessee.
Regards!!!
Dinesh S. Adhikari
CIT vs PRINCE RUBBER AND PLASTICS (2004)
that "Advance Rent cannot be considered as rent received/receivable in the year of actual receipt"
Therefore, Advance rent will be taxable only in that year for which it has received by the assessee.
Regards!!!
Dinesh S. Adhikari
30 January 2010
thanks...............
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