Income booking without agreement
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 May 2013
Please let me know of any legal consequences for a company assesse if it has received and booked rental income without any rent deed executed .
What could be penalty applicable if any ?
Also the status of the tenant in such situation?
What could be penalty applicable if any ?
Also the status of the tenant in such situation?
Guest
Guest
(Expert)
19 May 2013
The income tax act does not make any differnce between rent received with or without rent agreement.
Both receipts should be shown under the return of income.
So as per Income tax act there is no consequences if you shown rent received without rent agreement.
As rent agreement is not requried under Income tax act, but it should be done to avoid to other problems related to tenancy.
Both receipts should be shown under the return of income.
So as per Income tax act there is no consequences if you shown rent received without rent agreement.
As rent agreement is not requried under Income tax act, but it should be done to avoid to other problems related to tenancy.
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