I received house rent for past six years at a time how can the amount
paid be calculated year wise income?
please describe with related sections of Indian income tax act
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Which act is concerned regarding my problem
Replies (1)
Any subsequent recovery of unrealized rent shall be deemed to be the income of taxpayer under the head “Income from house property” in the year in which such rent is realized (whether or not the assesse is the owner of that property in that year). It will be charged to tax after deducting a sum equal to 30% of unrealized rent.
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