House property income can be set off
This query is : Resolved
14 February 2014
Dear All,
There is a person called 'A' he let out his House property (huge) to 'B' for rent. After few months the tenant is not in a position to pay rent & also not willing to vacate because (he had done some interior designing to the property)but even the landlord is not able to findout the value of interior designing so on their mutual understanding landlord is paying fixed amount to the tenant(as a compensation) every month till eight years for vacating the property.
In the future can landlord claim setoff that compensation amount aganist future rental income?
If yes as per Income tax Act let me Know.
There is a person called 'A' he let out his House property (huge) to 'B' for rent. After few months the tenant is not in a position to pay rent & also not willing to vacate because (he had done some interior designing to the property)but even the landlord is not able to findout the value of interior designing so on their mutual understanding landlord is paying fixed amount to the tenant(as a compensation) every month till eight years for vacating the property.
In the future can landlord claim setoff that compensation amount aganist future rental income?
If yes as per Income tax Act let me Know.
14 February 2014
this type of arrangement not allowed as per current indian income tax act.
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