[section 23] advance rent - income from house property
This query is : Resolved
19 March 2014
as per section 23:
GAV is the higher of (1)ALV and (2) actual rent RECEIVED OR RECEIVABLE during the year.
How should we interpret 'Received or Receivable'?
Does it mean (1) Earlier of receipt of accrual?
(2) accrual basis or receipt basis depending on method of accounting followed by the assessee?
(3) or rent pertaining to the relevant previous year , whether received or receivable?
Example: If my rent income is Rs. 10 per month and I receive Rs. 180 during PY 13-14 which includes Rs. 60 advance for PY 14-15. How much rent should be included in GAV for PY 13-14? Rs. 120 OR Rs. 180?
CA Parul Saxena
(Expert)
19 March 2014
Rs.180 should be considered.
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