Nishit was allowed deduction of unrealized rent to the extent of ₹1,20,000 in F.Y. 2020-21, although the total unrealized rent during the F.Y. 2020-21 was ₹1,60,000. In F.Y. 2021-22 he is able to recover from the tenant
CS Executive · Tax Laws · PYQS · December 2022
Nishit was allowed deduction of unrealized rent to the extent of ₹1,20,000 in F.Y. 2020-21, although the total unrealized rent during the F.Y. 2020-21 was ₹1,60,000. In F.Y. 2021-22 he is able to recover from the tenant ₹90,000 on account of such unrealized rent. His Income under the head of House Property for assessment year 2022-23 is:
Answer & Explanation:
Correct Answer: Option (B)
Official answer key: (B), (C). Official source note: Option B is correct i.e. ₹ 63000 (90000 - 30%) assuming unrealised rent received subsequently does not impact the calculation of GAV in the previous year 2020-21. Option C is correct i.e. ₹ 35000 [90000 - 40000) - * 30%] assuming unrealised rent received subsequently does impact the calculation of GAV in the previous year 2020-21.
Topics: Income Tax Act, 1961
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