Impact of outstanding rent
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
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
(Expert)
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
02. Rent although NOT received, will be taxed in the hands of Mr A, since the rent received or receivable is taxed
Message likes :
1 times
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
- GSTR9 Annual Return
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Ito add credit side of bank
- Employee secondment
- Applicability of tax on invoice
- Import of Capital Machine
- LLP audit and disclosure
- Capital gain on commercial property and investment in residential property
- Gift to nri relatives resides in usa
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
