Is rent received in advance for more than one tax year taxable in entirety in the year when received??? Give proper reason and also mention the relevant section.
Idea Solution:-
Shred By Maqsoom Raza
According to him only the gross rental income of one year in the tax year is taxable, or the income of second or so on years are the liability of taxpayer
According to him only the gross rental income of one year in the tax year is taxable, or the income of second or so on years are the liability of taxpayer
Shared By Tariqm
ts an advance rent (can be called security) if advance is for ten years 120000 then it will spread over ten years 120000/10=12000 that is taxable every years up to ten years.
ts an advance rent (can be called security) if advance is for ten years 120000 then it will spread over ten years 120000/10=12000 that is taxable every years up to ten years.
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