I have leased my flat to Mr. X for 2 yrs for which I've received ₹5L. After the lease period is over I'll return this ₹5L to Mr. X.
Is this 5L taxable in this assessment year?
Also, will this 5L will be shown as loss after 2 yrs
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tax on lease amount
Replies (6)
Pagdi amount that is 5 lacs is chargeable to G.S.T.. however if this amount is in respect of lease of property for residential use then it is exempt.
which section of IT Act covers this?
Also, do i need to declare this amt in ITR?
Also, do i need to declare this amt in ITR?
sorry I've answered this from G.S.T perspective. however for income tax purpose it is not income if the amount is refundable
Thanks rishi for the guidance...
Cud u pls mention section of ITR which covers this...
Cud u pls mention section of ITR which covers this...
IN my opinion, it's not income
It is INFLOW not INCOME., so no need to show in ITR
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