tax liability of maintainance charges recieved
This query is : Resolved
16 September 2008
my query is what will be the taxablity of the following reciept:
Mr. X recieves Rent Rs.120000 and Maintainance Charges Rs.18000 without any expenditure incurred on maintainance( by virtue of rent deed he is getting 20000 per month rent and 1500 per month MC)
1.]What will be the amount taxable under House Property and what will be the standard deuction u/s 24?
2.]whether 18000 MC will be taxable under other sources? if so whether he will be entitled to claim expenditure against this income u/s 57?
3.]what will be the scene if he does not spend any money on maintt. of property?
Mr. X recieves Rent Rs.120000 and Maintainance Charges Rs.18000 without any expenditure incurred on maintainance( by virtue of rent deed he is getting 20000 per month rent and 1500 per month MC)
1.]What will be the amount taxable under House Property and what will be the standard deuction u/s 24?
2.]whether 18000 MC will be taxable under other sources? if so whether he will be entitled to claim expenditure against this income u/s 57?
3.]what will be the scene if he does not spend any money on maintt. of property?
17 September 2008
A mere nomenclature will not help in excluding a flat maintenance charge from rent.
19 September 2008
The predominant nature of maintenance charges received in ur case is "Rent".
Hence, it will become part of ur rental income
Hence, it will become part of ur rental income
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
- Reopen of assessment proceeding
- Is any professional CA is here please reply
- Putting a heading on received mail
- Foreign lottery ticket bought online from India: legality, tax and consequences
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- EPF FULL & FINAL RULES IN 2026
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Gift Received from nonblood relative
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Fixe term employment
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
