CA Vasiullah (Vasi) (Audit Executive) (1813 Points)
23 March 2011
Can anybody please explain that how should the unrealised rent [u/s 25AA] be treated recieved after 2001-2002, for the periods of previous years of 2001-02 and further years?
I'm consulting Singhania but could't understand the provision properly from the illustration given in that book.
can anybody pls illustrate the provision clearly with the help of an example?
Sonam Bidasaria
(CA)
(770 Points)
Replied 23 March 2011
As per Sec 25AA, if the assessee received unrealised rent of Rs. 100000, then straight way this Rs. 100000 shall be charged to tax under the head "Income from House Property" even if such sum is related to the financial years prior to the introduction of this section.
CA Vasiullah (Vasi)
(Audit Executive)
(1813 Points)
Replied 23 March 2011
will standard deduction and interest on capital wiill be allowed as deduction from this sum of Rs. 100000?
Sonam Bidasaria
(CA)
(770 Points)
Replied 23 March 2011
No deduction can be claimed from this income.
rao vivek dilipkumar
(student)
(36 Points)
Replied 27 August 2012
why standard deduction is not allowded? please reply in brief.
Swami Ayyappa Nuli
(TAX ADVISOR & CONSULTANT AT G.S.T SUVIDHA CENTER)
(1372 Points)
Replied 28 August 2012
no standard deduction of 30% will be available and it will be taxable up to the extent of credit taken before 2001-2002
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