Hello,
If a person received a lumpsum amount for renting out flat instead of getting monthly rent.
How such amount should be disclose while filing return?
What effect will be shown in books?
Thanks in advance.
Shweta Punmia (CA) (190 Points)
12 November 2014Hello,
If a person received a lumpsum amount for renting out flat instead of getting monthly rent.
How such amount should be disclose while filing return?
What effect will be shown in books?
Thanks in advance.
Mihir
(Wealth Manager)
(5293 Points)
Replied 12 November 2014
It will not make much difference. It will be treated as rent and chargeable to tax under income from house property. The lumpsum may be apportioned to the relevant period from 1st april to 31st march, and the rest will be advance received and treated as an unearned income.
Wait for more replies.
CA AnKiT BoHrA (AB)
(Manager)
(25955 Points)
Replied 12 November 2014
CA AnKiT BoHrA (AB)
(Manager)
(25955 Points)
Replied 12 November 2014
For more clarification you can also refer
https://taxation.lawyers.com/property-tax/advance-rental-income-security-deposits-and-taxes.H T M L
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