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Tax liability on advance rent received- house property

Tax queries 1057 views 1 replies

Dear All,

What will be the tax liability under given scenario:?

Total Rent received on 05/01/2019 - Rs.4,02,000/-

 

Break up of Rs. 402000:

Rs.1,00,500 for Period January to March 2019

Balance Rs. 3.01.500 for Period April to December 2019.

 

My query is whether the advance rent received for next financial year will be taxed in FY 2018-19?

Replies (1)

No. Treat as advance in books.


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