compensation received on house property
This query is : Resolved
Amit Kanodia
(Querist)
14 February 2009
i had lent my house property on rent and now security deposit has been forefeited at the time of vacant, what will b the treatment of the amount received whether it will b adjusted against rent or will it be charged to income...... also let me know if i will et any deduction in this regard.... urgent
K V Subba Rao
(Expert)
14 February 2009
To the extent of amount adjusted towards arrears of rent, Security Deposit may rightly be treated as rental income only.
If there is any excess, only that portion may be shown as income from other sources
If there is any excess, only that portion may be shown as income from other sources
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