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
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
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