Advance rent for first three months
This query is : Resolved
16 June 2012
Dear all
my client has received in advance Rent of First three months of at the inception of the lease.
He received Rs. 9,00,000 in March 2012 for March April & May.
So the question is whether Rs 9,00,000 will be taxable in A.Y 2012-13 or only partial amount i.e. Rs 3,00,000 will be in the Current A.Y.
my client has received in advance Rent of First three months of at the inception of the lease.
He received Rs. 9,00,000 in March 2012 for March April & May.
So the question is whether Rs 9,00,000 will be taxable in A.Y 2012-13 or only partial amount i.e. Rs 3,00,000 will be in the Current A.Y.
16 June 2012
Dear Friend, you have to take Rs. 3,00,000 for current year and rest amount for next year for calculation of Income.
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