House property
This query is : Resolved
12 April 2015
There is an unrealised rent for py 2000-01 amounting to rs. 40000 but deduction has been claimed so far for only rs. 30000. There is a recovery of rs. 20000 only. what is the amount of deduction that would be allowed for this.
p.s. please explain the whole process of getting the amout of rs.10000 as answer.
12 April 2015
1. Total Unrealised Rent Rs. 40000
2. Deduction Claimed Rs.30000
3. Balance amount of Rs. 10000/ was taxed in AY 2001-02.
4. Now assume that the whole amount of Rs 40000/ has been realised in this PY.
5. Since out of 40000/- 10000 was already taxed, so taxable amount for this PY will be 40000-10000=30000.
6.Like wise, Out of Rs 21000/- realised,
the amount deductible is Rs. 10000/- as the same was taxed earlier. (Balance 11000/- is taxable. 20000/ has been changed to 21000/- for understanding the matter clearly).
.
2. Deduction Claimed Rs.30000
3. Balance amount of Rs. 10000/ was taxed in AY 2001-02.
4. Now assume that the whole amount of Rs 40000/ has been realised in this PY.
5. Since out of 40000/- 10000 was already taxed, so taxable amount for this PY will be 40000-10000=30000.
6.Like wise, Out of Rs 21000/- realised,
the amount deductible is Rs. 10000/- as the same was taxed earlier. (Balance 11000/- is taxable. 20000/ has been changed to 21000/- for understanding the matter clearly).
.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- HSN Details in IFF/GSTR-1 & in GSTR 9
- Refund of AY 22-23
- Tax on capital gains revoked us 54f
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Inventory of finished goods
- TDR receipts for agreement holder
- Applicability of Ind As to associate of associate
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Disallowance of Section 43B(h) to sez units
- Confusion around Form 26QB fields
- GST REFUND ON EXPORT EXPENSES OF EXEMPTED GOODS
- GSTR9 and 9c
- Ineligible ITC taken
- Vivad se vishwas scheme 2024 new
- 115TD on cancellation of 12A 80G Registration
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
