Tax Treatment on Advance received from tenants
This query is : Resolved
19 February 2009
Please clarify my doubt regarding tax treatment on advance received from tenants by the owner of the house property. I want to know what is the tax treatment for the amount until it is repaid and how it shown in the balance sheet under what head.
19 February 2009
it is taxable on accrual basis as an when due.if refunded no tax to be paid.
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