House property
Querist : Anonymous
but when an amount is recd. as unrealised related to past p.y. it is not provided benefit of std. deduction why it is so ?????????
Whereever Reasonable Expected Rent is higher
than the Actual Rent, we can consider RER as Gross Annual Value and can claim 30% deduction on that.
Illustration --
Municipal Valuation 150000
Fair Rent 250000
RER 250000
..
Monthly Rent 30000...
UR...6 months ..180000
Actual Rent ...... 180000
...
GAV ... 250000
SD @ 30% 75000
...
So here you may see that 30% Deduction has been allowed on 250000/- and UR received
later to the extent of Rs. (250000-180000)=70000 had already enjoyed the SD benefit.
Due to this reason only , it has been provided that on UR 30% SD can not be claimed.
Querist : Anonymous
.
Similarity-The Receipts of both are uncertain
and assessee rejoice in both the cases on the receipt.
.
Difference:
In case of arrears, recomputation of earlier's Income from HP is not done and is treated as an extra rent of the current PY.
.
Whereas in case of Unrealised Rent,
Recomputation of income of the respective year to which the UR is related, has to be made. Suppose UR is related with AY 2009-10, then income of AY 2009-10 will be recomputed.
.
On recomputation of AY 2009-10.... Due to the addition of UR if IFHP increases then the income earlier returned, the difference only is added in the NAV of current PY.
.
On arrears SD @ 30% is allowable, on the UR Portion, it is not allowed.
Querist : Anonymous
Click here to login now
Similar Resolved Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- RCM INVOICING FROM NOV-2024
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
