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

214 views 2 replies

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)
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...?

THE AMOUNT OF ADVANCE IS TREATED AS RENT ITSELF UNLESS AND UNTIL IT IS NOT REFUNDABLE...

THE REFUNDABLE AMOUNT IS TERMED AS SECURITY DEPOSIT AND NO TAX IMPLICATION ARISE.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 18 June 2026
Article Assistance

RB KESHRI & CO.

Mumbai

CA Inter

View Details
Company
12 June 2026
Accounts & Taxation Executive

Winshine Financial Services

Mumbai

CA Inter

View Details
Company
20 June 2026
Assistant Accounts Manager

Fintax Professionals

Gurgaon

CA Inter

View Details
Company
ARTICLESHIP 24 June 2026
ARTICLE ASSISTANT

BHUPINDER SHAH AND COMPANY

New Delhi

CA Inter

View Details
Company
10 June 2026
Senior Account Executive

JDS Advisory LLP

Ahmedabad

CA Inter

View Details
Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
25 June 2026
Accounts & Taxation Executive

Dindukurthy & Associates

Hyderabad

MBA

View Details