RECOVERED ANY UNREALIZED RENT- THEN KNOW YOUR TAX IMPLICATION

RECOVERED ANY UNREALIZED RENT- THEN KNOW YOUR TAX IMPLICATION

WHEN THE ASSESSEE CANNOT REALIZE RENT FROM THE HOUSE PROPERTY WHICH WAS LET OUT TO TENANT AND SUBSEQUENTLY THE ASSESSEE HAS REALIZED ANY AMOUNT IN RESPECT OF SUCH RENT, THE AMOUNT SO REALIZED SHALL BE DEEMED TO BE INCOME CHARGEABLE UNDER HEAD HOUSE PROPERTY AND ACCORDINGLY CHARGED TO TAX AS THE INCOME OF THAT PREVIOUS YEAR IN WHICH SUCH RENT IS REALIZED. IN THIS CASE ITS IRRELEVANT WHETHER ASSESSEE IS OWNER OF SAID PROPERTY OR NOT BUT HOWEVER HE CAN CLAIM STANDARD DEDUCTION OF 30% UNDER SECTION 24 OF INCOME TAX ACT, 1961

THE MAIN HIGHLIGHTS ARE AS FOLLOWS

1. ANY RENT RECEIVED WHICH WAS UNREALIZED WILL BE TAXABLE IN THE PREVIOUS YEAR IN WHICH THE RENT IS RECEIVED
2. ITS IRRELEVANT WHETHER ASSESSEE IS OWNER OF SAID PROPERTY OR NOT
3. STANDARD DEDUCTION OF 30% WILL BE ALLOWED

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