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.
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20 June 2014
your mother in law ace no problem due to she show his rent as income under the income from house property.
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24 June 2014
cash or cheque will not matter if its shown as taxable income in itr filed with dept.
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24 June 2014
you are welcome sbali..........................
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