Interest on Rent Deposit
This query is : Resolved
14 August 2010
In our 1 of the Co. the AO has levied deemed interest on Rent Deposit given to land lord i want to know that whether any judgment on this type of case has available in Income Tax Department in favour of that there is no Income of Interest
14 August 2010
There is a provision in WT Act,1957 to assess deemed interest on refundable rent deposits in the hands of the land lord. As a corollary, the same analogy cannot be adopted in Income tax Act,1961. As per my understanding, the view of the AO is not tenable.
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