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
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.
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