What is rental income ? With examples. Minimum 100 words.

What is rental income ? With examples.
Minimum 100 words.

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Expert Solution

Rental income means the amount of money which is collected by a landlord or the owner of a property from the tenant for the usage of that property. Businesses/individuals may lack the funds to purchase each property or premise which they require for their usage, hence they pay periodic rentals for its usage. For example, a company may give a building it owns to an individual or business on rent. The amount of money the company would receive for the same would be rental income. Similarly, if a company gives any of its machinery to any person on rent for which it receives any sum, the same is also rental income.

The following are included in the rental income from the taxation viewpoint:

1. Amount received by the landlord/owner upon the cancellation of lease by a tenant.

2. The amount which has been received by the owner from the landlord as an advance rental.

3. Any non-refundable security deposit received by the landlord from the tenant.

ekkarill92 answered 1 year ago

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