What's the difference between rentout and letout ?
What's the difference between rentout and letout ?
CA CS CIMA Prakash Somani (Landmark Group) (23512 Points)
04 August 2012
3 Replies
Zeeshan Alam
(article assistant)
(43 Points)
Replied 04 August 2012
The difference in letout and rent is as follow;-
rent out means giving own property to someone for use in consideration of money or something money value and let out means giving property or something to someone for use in considerration of money or money value, of which we have legal possession not ownership.
the basic difference is only of "Ownership"
if there is any mistake plz make me inform so hat i can understand it betterly.
CA PARAS BAFNA
(Practising CA )
(33428 Points)
Replied 04 August 2012
The difference lies in the two terms - Rent and Let as in both the phrases "Out" is common.
.
We know that who gets "out" when the property is being let out or rented out.
.
The analysis given by Zeeshan Alam on the basis of "ownership" may be accepted upto some extent.
.
However, in common parlance we use the phrase "let out " for own property also.
.
P r a c t i c a l l y,
the difference can be found by property giving on rental basis or letting it out. If you receive the same amount in both the cases then there is no difference. Otherwise, Subtract (1) from (2) to get the difference..
Recent Topics
- IRN at e_waybill print out
- ITR-3 Excel Utility for AY-2025-26
- How to calculate LTCG on land if payment is receiv
- TDS adjustment in Late fee
- Merger of Pvt Ltd Co
- Gstr table 12
- Error while filing ITR 2
- ITR-2 JSON upload gives "Caught Error Descrip
- Complaiczles Of Pvt Ltd. co
- ITR-2 Excel Utility for AY-2025-26, My Update on u
Related Threads
Trending Online Classes
-
Certification Course on GSTR-3B Reconciliation with GSTR-2B through AI Tools
CA Deepak Gupta15 July 2025
CAclubindia
