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tax on lease amount

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7 Points Posted on 06 July 2019
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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On 06 July 2019 at 19:50 Report
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student
408 Points Posted on 06 July 2019
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.
1 Reply
On 06 July 2019 at 19:57
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7 Points Posted on 06 July 2019
which section of IT Act covers this?
Also, do i need to declare this amt in ITR?
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On 06 July 2019 at 20:22
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student
408 Points Posted on 06 July 2019
sorry I've answered this from G.S.T perspective. however for income tax purpose it is not income if the amount is refundable
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On 06 July 2019 at 20:26
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7 Points Posted on 06 July 2019
Thanks rishi for the guidance...
Cud u pls mention section of ITR which covers this...
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On 06 July 2019 at 20:29
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12244 Points Posted on 07 July 2019
IN my opinion, it's not income
35 Reply
On 07 July 2019 at 00:00
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Student
66 Points Posted on 09 July 2019

It is INFLOW not INCOME., so no need to show in ITR

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On 09 July 2019 at 00:48


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