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Taking a shop - will i get tax benifit on the advance i paid

Tax planning 105 views 2 replies

Vishnu

Employee

21 Points Joined December 2017

Good Morning Sirs,

I am Vishnu Raj from Kerala, I have a query on income tax benifit. I am Planning to take a shop on rental basis. The owner ask me to pay Rs 500000/- as advance and 10000/- as rent. Can I claim for tax benifit for the amount which I paid as advance when filing the returns. Can someone help me to find the answer for this.

Regards,
Vishnu

Replies (2)

RAJA P M

"Do the Right Thing...!!!"

128111 Points Joined January 2015

The advance paid is refundable. So, it's not under any expenditure head.

But, clear the details amount you have.

How To you have this amount...?
It's your own amount and it's tax paid amount...?