Advance rental income

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kishan paryani (Querist)
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28 May 2013 hello sir i am giving my first floor rooms on rent to foreigners they have paid me the advance rent and which is accounted in this financial year and tax have been paid . now those foreigners have not turned up and i will have to pay them the rent back so in which year i can claim the depreciation.
for answering my first query i am thankful to the team of experts.

CA Mayank Chopra

CA Mayank Chopra (Expert)
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29 May 2013 The facts of the case are bit unclear, however I will give my answer based on the assumption.

1) If you have paid advance tax & return has not yet been filed.

Then in that case you can reverse your income in the same FY and show property as for you business use to claim depreciation.

You can either adjust your tax with tax liability from ur business or else take return.

2) If you have paid advance tax & return has been filed.

Then you can revise your return. In that you can reverse your income in the same FY and show property as for you business use to claim depreciation.

You can either adjust your tax with tax liability from ur business or else take return.

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