House rent tretment in financial account

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sameer

sameer (Querist)
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24 December 2014 i have received house rent from letting out house.how to be shown in financial account??

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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24 December 2014 Sow it as rental receipts.

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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24 December 2014 what is your main business or profession?

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
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24 December 2014 If letting is not business the entry will be.

On due
Tenants A/c Dr
to Other Income

On receiving
Bank A/c Dr.
to Tenants

If letting is the business
on due
Tenants A/c Dr.
To Rental income

On receipts
Bank A/c dr
to Tenants

sameer

sameer (Querist)
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24 December 2014 tushar sir my main business is tours and travels.

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
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24 December 2014 Follow the first treatment

If TDS is deducted entry required to be made on last date of year.

TDS Receivable A/c Dr.
To Tenants

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sameer

sameer (Querist)
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24 December 2014 sir, whether rent received is to be shown in p&l account or into capital account in financial statement..

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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24 December 2014 then firstly show it as other income:

on becoming due:
Rent recievable a/c....dr
To rent a/c

on actual reciept:
Bank/Cash a/c.........dr
To Rent recievable a/c

in income tax return it will be shown under LET out propoerty and income from house property.

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CA Kumar Mukesh

CA Kumar Mukesh (Expert)
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24 December 2014 It will be part of P&L

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sameer

sameer (Querist)
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24 December 2014 thank you to all for your valuable responses...

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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24 December 2014 you are welcome sameer......................

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House rent tretment in financial account

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