Taxation on lease
This query is : Resolved
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Ashwini Rao
(Querist)
25 September 2020
What is the impact of taxation, when a person let out his house on lease agreement , where he is liable to return such lease amount on termination of lease agreement ? Should he declare entire sum of lease amount as income when he is liable to return the amount on expiry of lease term.
CA R SEETHARAMAN
(Expert)
25 September 2020
Treat such amount as rental advance. Consider bank deposit rate on the advance as rental income.
Ashwini Rao
(Querist)
25 September 2020
Thank you so much sir.
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