Dear All,
I am having one problem:-
if u r having any unrelised any rent during the P.Y.then u will not take this for calculation of Income from House Property and 30% deduction u/s 24 would not be available to the assessee.
and while r u receiving unrealised amount during any coming P.Y.,whole amount would be taxable under the head Income from House Property.and no deduction is available U/s 24.
Q. is why we are not giving 30% Deduction U/S 24 during receiving the amount?
2 Replies
Raj Bansal
(77 Points)
Replied 10 May 2007
improve your grammer there is nothing why in income tax ratt ley
Prince
(40 Points)
Replied 10 May 2007
Hi,
The taxability of unrealised rent received later is governed by a specific provision . And that provision does not explicitly provide for 30% deduction. Thus in absence of such a provision the deduction cannot be assumed.
But even if we take a liberal view and allow the deduction courts MIGHT hold it correct .
Other views invited.
Regards
Prince George
The taxability of unrealised rent received later is governed by a specific provision . And that provision does not explicitly provide for 30% deduction. Thus in absence of such a provision the deduction cannot be assumed.
But even if we take a liberal view and allow the deduction courts MIGHT hold it correct .
Other views invited.
Regards
Prince George
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