Property given on heavy deposit

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CA Abhishek Singh (Querist)
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30 December 2009 hello everyone,

one of aur client gives residential house property to tenant on heavy deposit. the deposit amount doesnot earn any interest.it is refundable when the tenant vacates the house.

income shown under house property is NIL
deposit is shown as liability in the balance sheet.

IS THIS TREATMENT CORRECT.

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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30 December 2009 No.

Income from house property is taxable according to annual value.

Pl. refer section 23(1)

Heera Nahariya

Heera Nahariya (Expert)
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30 December 2009 Agree with Sir Rakhecha.

But as far as the deposit is concerned the treatment is correct.

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