House propery (lop)

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 July 2012 i have client he has rental income from FY 2009-10 of Rs. 20000 p.m., he had received rent of Rs.320000 in current financial year 2011-12 (include Rs.40000 i.e. for 2 month of
arrear of rent of previous FY 2010-12 and Rs. 40000 i.e for 2 month received in Advance). so i has query that how much amount should be taxable in AY 2012-12???"
Advance rent will taxable or not in AY 2012-13????

CS ANAND RAVADA

CS ANAND RAVADA (Expert)
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16 July 2012 Accd to Sec 25B of the ITAct, any rent in arrear was received during the Financial year, the same shall be deemed to be the income under the Head of H/P after deducting a sum equal to 30% of such amount.

Querist : Anonymous

Querist : Anonymous (Querist)

16 July 2012 sir what abt advance rent received will it be taxable in AY 2012-13 or not????

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CS ANAND RAVADA

CS ANAND RAVADA (Expert)
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16 July 2012 No, it will not be taxable in A.Y.2012-13. For more details, you can see the CBDT Circular No.05/2001, dated 2.03.2001

Querist : Anonymous

Querist : Anonymous (Querist)

16 July 2012 thanks sir