Receipt of commercial rent in cash
This query is : Resolved
20 June 2014
My mother in law has given a shop on rent for 36 months as per registered lease agreement. There are 6 more months pending for current lease period. The tenant has given her post dated account payee cheques. Now the tenant wants to pay the rent in cash for the rest of the period i.e. for 6 months. Are there any tax implication or any other implication in this proposal of tenant? Is it appropriate to accept rent in cash?
Thanks
My mother in law has given a shop on rent for 36 months as per registered lease agreement. There are 6 more months pending for current lease period. The tenant has given her post dated account payee cheques. Now the tenant wants to pay the rent in cash for the rest of the period i.e. for 6 months. Are there any tax implication or any other implication in this proposal of tenant? Is it appropriate to accept rent in cash?
Thanks
20 June 2014
as receiver of income, it doesnt matter to you at all whether the receipt is in cash or through cheque as long as the same is offered to tax in appropriate manner.
Message likes :
1 times
20 June 2014
your mother in law ace no problem due to she show his rent as income under the income from house property.
Message likes :
1 times
24 June 2014
cash or cheque will not matter if its shown as taxable income in itr filed with dept.
Message likes :
1 times
24 June 2014
you are welcome sbali..........................
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Refund Annexure-B
- TDS Claim year
- Internship/Academic shown in Salary Pay Slip of a Doctor
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- TDS Challan Code
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Liable to deduct tds and 44ADA
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
