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HEAVY DEPOSIT AMT

712 views 5 replies
HII

I HAVE A QUERY

IF I AM GIVING MY FLAT TO A ANOTHER PERSON ON HEAVY DEPOSIT

SO THAT DEPOSIT AMT WHERE I HAVE TO SHOW IN ITR

KINDLY HELP
Replies (5)

UNDER CREDITORS.... ...............

If deposit refundable in future then it should be under " other Current liability. "

I don't think in this case you will be returning the deposit...

Notional interest over the deposit is treated as rent for taxation purpose.

Agreed with above


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