Lease amount, under which head..?
This query is : Resolved
24 May 2012
Can any one plz tel, what is tax impact on lease amount and while refund..? How to tax and under which head.?
25 May 2012
If you are talking about lease rent received by the lessor, it is taxable in the hands of the lessor.
1. If the lease rent is for a residential house property, then it will be taxable under the head Income from House Property.
2. If it is for any other property, it will be taxable under the head Income from Other Sources.
1. If the lease rent is for a residential house property, then it will be taxable under the head Income from House Property.
2. If it is for any other property, it will be taxable under the head Income from Other Sources.
25 May 2012
Thanks for your reply. Can you plz tel how to treat if we take 5L for agreement of 2 years. What amount to tax and what is effect while returning that 5L after 2 years.
25 May 2012
You have entered into an agreement where you have received Rs. 5 lakhs and you have to return that Rs. 5 lakhs after 5 years.
This will be considered a loan and accordingly is not taxable.
This will be considered a loan and accordingly is not taxable.
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