I had put up my house on Airbnb and while doing so some guests caused damage to my house so Airbnb paid me compensation. It is like Airbnb insures every hosts property so that Airbnb can pay the damages to house owners.
Now question is that how should I show or treat amount received from Airbnb in my ITR ? I
How much was the amount?
Whether TDS deducted over it? If yes, under which section?
You have to declare the income under head IFOS, and claim the amount of demurrage u/s. 57 IT act.
The section that you specified is relevant for dividend income but in my case I have received income from Airbnb as a payment because someone damaged my house so it is similar to receiving money for insurance claim . So what should be done for filing ITR ?
Is the section only for interest and dividend income?
Can I claim full amount 150000 u/s 57 ? Or is there any limit for claiming?
Depends upon the actual cost of repairs done authenticated through evidence like bills, payments etc.
Chirag N Shah & Associates
Mumbai
CA Inter
View Details
CAclubindia
