Ifhp
This query is : Resolved
07 February 2012
Cute Look Premises, a partnership firm owning 10 Flats at Ghatkopar and Mulund has
given these flats on rent to Healthy Look Private Limited. They entered in the lease
agreement from 01.04.2010 to 28.02.2011 for a monthly rent of Rs. 25,000 per flat with
Rs. 2 Lac Deposit per Flat.
On 30.06.2010 Cute Look Premises has received letter from Healthy Look Private
Limited stating they do not need 1-1 Flat each at Ghatkopar and Mulund. They will stop
payment of lease rent from 01.07.2010 onwards and will settle account and give
peaceful vacant possession of flats at the expiry of 11 Month as per agreement. They
have not asked for refund of their Deposit of Rs. 2 Lac for each vacant flat.
While filing income tax return for AY 2011-12, Cute Look Premises, wants to file their
return of income offering actual rents received (excluding the vacant flats) as
(25,000*2*3 + 25,000*8*11) 23,50,000/-
is this Correct?
given these flats on rent to Healthy Look Private Limited. They entered in the lease
agreement from 01.04.2010 to 28.02.2011 for a monthly rent of Rs. 25,000 per flat with
Rs. 2 Lac Deposit per Flat.
On 30.06.2010 Cute Look Premises has received letter from Healthy Look Private
Limited stating they do not need 1-1 Flat each at Ghatkopar and Mulund. They will stop
payment of lease rent from 01.07.2010 onwards and will settle account and give
peaceful vacant possession of flats at the expiry of 11 Month as per agreement. They
have not asked for refund of their Deposit of Rs. 2 Lac for each vacant flat.
While filing income tax return for AY 2011-12, Cute Look Premises, wants to file their
return of income offering actual rents received (excluding the vacant flats) as
(25,000*2*3 + 25,000*8*11) 23,50,000/-
is this Correct?
07 February 2012
I am of the following opinion:
1. If the income is being offered under the head income from business or profession, then the income shall be the actual rent received.
2. If the income is being offered under the head income from house property then deemed fair rental value of the vacant premises needs to considered for the income tax computation purposes.
1. If the income is being offered under the head income from business or profession, then the income shall be the actual rent received.
2. If the income is being offered under the head income from house property then deemed fair rental value of the vacant premises needs to considered for the income tax computation purposes.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Reporting Income under Section 44ADA
- ITR 2 Short Term gain & Long term gain
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR returnFY25-26
- ITR 1: Details for showing Exempt Income
- ITR selection for salaries and capital gain less than L
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR validation error - Balance sheet is not filled
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
