Tax Treatment on Advance received from tenants

This query is : Resolved 

19 February 2009 Please clarify my doubt regarding tax treatment on advance received from tenants by the owner of the house property. I want to know what is the tax treatment for the amount until it is repaid and how it shown in the balance sheet under what head.

19 February 2009 it is taxable on accrual basis as an when due.if refunded no tax to be paid.



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