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Tax Treatment on Advance received from tenants

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(Querist)
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.
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Vishal Chaturvedi

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Vishal Chaturvedi (Expert)
19 February 2009 it is taxable on accrual basis as an when due.if refunded no tax to be paid.
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