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Arrears of Rent Received
How to treat arrears of rent received of previous years if same is received in the current year and also is there any provision to revise the return for previous year, since huge amount recived in the current year as rent of 4 previous year.
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The treatment of arrears of rent received in current year is it is to be treated current year rent income under the head house property, and also deduction allowed @ 30% on the amount received on arrears of rent , and net rent received amount taxable.
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