Dear Members
One of my client received rent 7500 pm and paid 12500 pm
what entry should be in capital account?
what is income tax point?
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Income from house property
Replies (1)
Credited the capital Account by net rent recd. i.e. Rs.5000
Claim deduction for Rent paid u/s 80GG, Sec. 80GG allows the Individuals to a deduction in respect of house rent paid by him for his own residence, Subject to condition. refer the foloowing link:
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Rent received taxable under the head house property.
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