COMPENSATION & RENT AGREEMENT ( LEASE AGREEMENT )
This query is : Resolved
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TARIQUE RIZVI
(Querist)
10 October 2020
We have given our plant and machinery on lease for a period of three years as per lease agreement. The amount paid by renter to our company is being shown as rent paid in the books of accounts of the renter but in our books of accounts is being shown as COMPENSATION. Whether is allowable by the income tax department to shown rent received as COMPENSATION.
Shrikant Toshniwal
(Expert)
10 October 2020
RENT AND COMPENSATION BOTH ARE DIFFERENT AND CAN NOT BE ALLOWED IN IT
RENT = किराया
COMPENSATION = नुकसान भरपाई
RENT = किराया
COMPENSATION = नुकसान भरपाई
TARIQUE RIZVI
(Querist)
10 October 2020
tks for yr guidelines
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