HEAVY DEPOSIT AMT

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189 Points Posted on 25 May 2023
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
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On 25 May 2023 at 11:11 Report
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Quick Summary
This discussion clarifies how to declare a heavy deposit amount received for a flat rental in your Income Tax Return (ITR). If the deposit is refundable, it should be shown under 'Other Current Liability'. The notional interest earned on this deposit is often treated as rental income for tax purposes.

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ACCOUNTS MANAGER
2213 Points Posted on 25 May 2023

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

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On 25 May 2023 at 11:41
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GST Practitioner & Accounts
15146 Points Posted on 25 May 2023
If deposit refundable in future then it should be under " other Current liability. "
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On 25 May 2023 at 14:05
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Com
54 Points Posted on 25 May 2023

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

2 Reply
On 25 May 2023 at 15:09
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Ober
63 Points Posted on 26 May 2023

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

2 Reply
On 26 May 2023 at 09:34
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CA
10436 Points Posted on 03 June 2023
Agreed with above
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On 03 June 2023 at 16:51

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