Dear Members
One of my client received rent 7500 pm and paid 12500 pm
what entry should be in capital account?
what is income tax point?
Santosh Patil (Professional Consultant) (32 Points)
23 April 2014Dear Members
One of my client received rent 7500 pm and paid 12500 pm
what entry should be in capital account?
what is income tax point?
CA Deepesh Ruhela
(Keen to Learn)
(3271 Points)
Replied 23 April 2014
Credited the capital Account by net rent recd. i.e. Rs.5000
Claim deduction for Rent paid u/s 80GG, Sec. 80GG allows the Individuals to a deduction in respect of house rent paid by him for his own residence, Subject to condition. refer the foloowing link:
Rent received taxable under the head house property.