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:-
Advance rent received during a tax year is chargeable to tax only to the extent it relates to that tax year. Unadjusted balance of advance rent is chargeable to tax in the following tax year (s) to which it relates.
Non adjustable amount received by the owner of the building from the tenant shall be treated as rent chargeable to tax under the head “Income from Property” in the tax year in which it was received and following 9 tax years in equal proportion. Sec16(1).
Non adjustable amount received by the owner of the building from the tenant shall be treated as rent chargeable to tax under the head “Income from Property” in the tax year in which it was received and following 9 tax years in equal proportion. Sec16(1).
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