Income from house property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2013 hi friends,

I Have one query relating Income from house property, one of the assessee during the year not received any rent 13,00,000 but the rent is adjusted against the advance given by tenant 13,00,000. The assessee taken the rental income in his computation as 8,00,000 after meeting expenses 5,00,000 (repairs and Interiors) to make the building useful condition. Explain whether it is correct if any case laws relating above case.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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27 July 2013 The Tenant is required to deduct TDS on the amount paid for rent. In such a situation
adjustment of advance out rightly is a disputable matter.
.
Landlord is allowed 30% Deduction only from the Net Annual Value. Expenditure for repairs and upkeepment is not allowable.
.

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