Treatment of advance/security deposits !!!
This query is : Resolved
Abhishek Kumar
(Querist)
02 April 2014
Dear Experts,
I would like to know what will be the Taxation treatment in the hands of Landlord for initial "Security Money" received from a Tenant..It will be refundable later on when the tenant vacates.
Pls guide me in details.
Thank You.
I would like to know what will be the Taxation treatment in the hands of Landlord for initial "Security Money" received from a Tenant..It will be refundable later on when the tenant vacates.
Pls guide me in details.
Thank You.
PRATIK AGRAWAL
(Expert)
04 April 2014
Income tax is levied only on the Income or we can take a sett off against Expenses Incurred.
Rent deposit is neither a Income in which tax is to be levied nor an expenditure where tax benefit can be claimed.
Accordingly no Treatment for this Transaction under Income TAx
Rent deposit is neither a Income in which tax is to be levied nor an expenditure where tax benefit can be claimed.
Accordingly no Treatment for this Transaction under Income TAx
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