Easy Office
LCI Learning

Property given on heavy deposit

This query is : Resolved 

30 December 2009 hello everyone,

one of aur client gives residential house property to tenant on heavy deposit. the deposit amount doesnot earn any interest.it is refundable when the tenant vacates the house.

income shown under house property is NIL
deposit is shown as liability in the balance sheet.

IS THIS TREATMENT CORRECT.

30 December 2009 No.

Income from house property is taxable according to annual value.

Pl. refer section 23(1)

30 December 2009 Agree with Sir Rakhecha.

But as far as the deposit is concerned the treatment is correct.




You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries




Answer Query