Unrealised rent realised treated as income from house property, taxed after prescribed standard deduction on receipt. Subsequent recovery of previously unrealised rent is taxable as Income from house property in the year of realisation, regardless of ownership in that year, and is assessable after allowing a deduction equal to thirty percent of the unrealised rent.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Unrealised rent realised treated as income from house property, taxed after prescribed standard deduction on receipt.
Subsequent recovery of previously unrealised rent is taxable as Income from house property in the year of realisation, regardless of ownership in that year, and is assessable after allowing a deduction equal to thirty percent of the unrealised rent.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.