alternate accomodation recd from builder as rent and owner shows that as rental income under head income from house property whether that alternate accomodation recd can get 30 percent standard deduction.
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Income from rent recd as alternate accomodation
Replies (8)
Show it under income from house property and get necessary deductions.
Rent paid for alternate accommodation is deductible from rent receipt.
Owners have the 2 flat and shifted to other hence alternate accomodation recd shown as rental income , just a debate is whether he can shown in income from house property head and claim the standard deduction of 30 percent or have to shown in income from other sources head full amt
| Originally posted by : Sport Classic | ||
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Owners have the 2 flat and shifted to other hence alternate accomodation recd shown as rental income , just a debate is whether he can shown in income from house property head and claim the standard deduction of 30 percent or have to shown in income from other sources head full amt |  |
Only under head IFOS..
| Originally posted by : Dhirajlal Rambhia | ||
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Sir is it because it is alternate accomodation as there is no maintaince other expenses involved. Originally posted by : Sport Classic Owners have the 2 flat and shifted to other hence alternate accomodation recd shown as rental income , just a debate is whether he can shown in income from house property head and claim the standard deduction of 30 percent or have to shown in income from other sources head full amt Only under head IFOS.. |
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Cannot be declared u/h IFHP as the amount received is not rent, its compensation given for alternative accommodation.
In case of AJAY PARASMAL KOTHARI vs ITO ruling is.....alt.accomodation rent is hardship compensation and thus Capital in nature irrespective of assessee had spend it or not.....( hardship compensation as assessee is facing difficulty & thus Capital in nature)
It's a rent in lieu of the original accomodation.
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