Hello,
If a person received a lumpsum amount for renting out flat instead of getting monthly rent.
How such amount should be disclose while filing return?
What effect will be shown in books?
Thanks in advance.
Hello,
If a person received a lumpsum amount for renting out flat instead of getting monthly rent.
How such amount should be disclose while filing return?
What effect will be shown in books?
Thanks in advance.
It will not make much difference. It will be treated as rent and chargeable to tax under income from house property. The lumpsum may be apportioned to the relevant period from 1st april to 31st march, and the rest will be advance received and treated as an unearned income.
Wait for more replies.
For more clarification you can also refer
https://taxation.lawyers.com/property-tax/advance-rental-income-security-deposits-and-taxes.H T M L
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