Notional income from hp to be considered in accounts
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 July 2013
One of my client is proprietor and is running business whose turnover is less than 10 lacs and is having two residential houses. One of the house property is vacant and one is self occupied. So, the annual value of self occupied property is Nil and the other is Annual letting Value or Actual rent receivable during the year which ever is higher.
Now, in books of accounts, any notional income from house property has to be shown in his profit and loss account?
Now, in books of accounts, any notional income from house property has to be shown in his profit and loss account?
27 July 2013
No need to book notional income in accounts.
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