July 2020

Notional interest on security deposit received from lessee is not taxable even during the period when the property was sold, but the deposit continued with the lessee as the lease agreement had lock-in clause Only the incomes which fall under the deemed provisions which have been explicitly mentioned in the Act can be brought to tax under the deeming provisions but not any other notional or hypothetical income not envisaged by the Act

Jagdish D. Shah | Jagdish T. Punjabi
Chartered Accountants

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