New Tax Rules: Rent Arrears and Unrealized Rent Now Taxable at 30% Upon Receipt, Regardless of Property Ownership Status.

New Tax Rules: Rent Arrears and Unrealized Rent Now Taxable at 30% Upon Receipt, Regardless of Property Ownership Status. https://www.taxtmi.com/highlights?id=27564 Substitution of new section for sections 25A, 25AA and 25B.- It is proposed to provide that the amount of rent received in arrears or the amount of unrealised rent realised subsequently by an assessee shall be charged to income-tax in the financial year in which such rent is received or realised, whether the assessee is the owner of the property or not in that financial year. - It will be taxable @30% after allowing deduction en-us Mon, 29 Feb 2016 22:36:22 +0530 Mon, 29 Feb 2016 22:36:22 +0530 TaxTMI RSS Generator New Tax Rules: Rent Arrears and Unrealized Rent Now Taxable at 30% Upon Receipt, Regardless of Property Ownership Status. https://www.taxtmi.com/highlights?id=27564 Substitution of new section for sections 25A, 25AA and 25B.- It is proposed to provide that the amount of rent received in arrears or the amount of unrealised rent realised subsequently by an assessee shall be charged to income-tax in the financial year in which such rent is received or realised, whether the assessee is the owner of the property or not in that financial year. - It will be taxable @30% after allowing deduction Highlights Bill Mon, 29 Feb 2016 22:36:22 +0530 https://www.taxtmi.com/highlights?id=27564