I have leased my flat to Mr. X for 2 yrs for which I've received ₹5L. After the lease period is over I'll return this ₹5L to Mr. X.
Is this 5L taxable in this assessment year?
Also, will this 5L will be shown as loss after 2 yrs
6 Replies
rishi
(student)
(408 Points)
Replied 06 July 2019
Pagdi amount that is 5 lacs is chargeable to G.S.T.. however if this amount is in respect of lease of property for residential use then it is exempt.
rushil kumar
(7 Points)
Replied 06 July 2019
which section of IT Act covers this?
Also, do i need to declare this amt in ITR?
Also, do i need to declare this amt in ITR?
rishi
(student)
(408 Points)
Replied 06 July 2019
sorry I've answered this from G.S.T perspective. however for income tax purpose it is not income if the amount is refundable
rushil kumar
(7 Points)
Replied 06 July 2019
Thanks rishi for the guidance...
Cud u pls mention section of ITR which covers this...
Cud u pls mention section of ITR which covers this...
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