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Rent on Heavy deposit
I have given my premises on rent of heavy deposit of Rs. 8lacs , and getting on rent Rs. 1000/-. so I have to pay tax income on rent Rs.12000/- . or any criteria on heavy deposit. refer section on heavy deposit. pls.
Replies (7)
Heavy deposit - Means what ..?
Received or paid
How much are you receiving as rent?
I have received 8 lacs as a security deposit. getting rent 12000/-
No tax implications - Security deposit
Provided it is paid back & not adjusted against rentals .. Best would be if the Rent agreement states such amount clearly with terms etc
I am getting nominal rent 1000 per month,should it be circle rate/municipal rate prescribed on area/location.
I am asking about rent . Iam getting nominal rent 1000 per month,should it be circle rate/municipal rate prescribed on area/location.
You have actually rented your property
normally rules mentioned by you are applicable to deemed to be letout, but you have to prove (through rent agreement) about real rent which you have received i.e. only 1000/- p.m. if AO requires so
Normally logic is that as you have received such huge amont of deposit of Rs. 8 lakhs then and only you have rented at such nigligible amount
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