banner_ad

tax on lease amount

Others 282 views 6 replies
User Avatar

7 Points Posted on 06 July 2019
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
0 Reply Share Follow
On 06 July 2019 at 19:50 Report
Replies (6)
User Avatar

student
408 Points Posted on 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.
1 Reply
On 06 July 2019 at 19:57
User Avatar

7 Points Posted on 06 July 2019
which section of IT Act covers this?
Also, do i need to declare this amt in ITR?
Reply
On 06 July 2019 at 20:22
User Avatar

student
408 Points Posted on 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
1 Reply
On 06 July 2019 at 20:26
User Avatar

7 Points Posted on 06 July 2019
Thanks rishi for the guidance...
Cud u pls mention section of ITR which covers this...
Reply
On 06 July 2019 at 20:29
User Avatar

12244 Points Posted on 07 July 2019
IN my opinion, it's not income
1 Reply
On 07 July 2019 at 00:00
User Avatar

Student
66 Points Posted on 09 July 2019

It is INFLOW not INCOME., so no need to show in ITR

1 Reply
On 09 July 2019 at 00:48


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topic

More recent discussions | Post

Related Topics
Loading

Latest Job Openings

View all
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details
Company
24 May 2026
Accounts & Tax Executive

PARAS KHURANA AND CO

New Delhi

B.Com

View Details
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
16 May 2026
Audit clerk

mgirt & co

Bengaluru

CA Inter

View Details
Company
ARTICLESHIP 17 May 2026
CA Article /Trainee

Malik Sunil & co

New Delhi

CA Foundation

View Details