Impact of outstanding rent

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 August 2016 Hi Experts

Mr. A owned a building & is partner in ABC firm.

Mr. A has given building on rent to ABC firm @ 12250 PM

But has not received rent for entire period of 2015-16 due to crisis in business.

1) Can Firm shows entire O/s rent at 31.03.2016 in its books?
2) Is Mr. A is required to show rental income while filing ITR? as he has not received any such rent?

Thanks

Amol S Joglekar

Amol S Joglekar (Expert)
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12 August 2016 01. Yes, the FIRM can claim the rent......due but not paid
02. Rent although NOT received, will be taxed in the hands of Mr A, since the rent received or receivable is taxed

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