Prasad Moztech
(1 Points)
Replied 02 April 2016
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ind jobs jobs guru
(2 Points)
Replied 02 April 2016
An awesome post
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Vinay somani (CA, CS)
(Assistant Manager-Accounts)
(549 Points)
Replied 02 April 2016
You should treat your house in two units.
first in which you reside and that should be treated as SOP
2nd unit in which Tenant is reside and treat it as LOP
so as per my view 42000 should be treated as Income from let out property
ketan
(Small Business)
(74 Points)
Replied 02 April 2016
But , sir the house where i live togeather with my parents is on my Father's name. I have only one house that is out on Rent.Than I treat this income as per LOP calculation is ok ? I fill my IT return under 44AD
ashish
(article)
(151 Points)
Replied 02 April 2016
CA Jaydev Modi
(PRACTICE )
(49 Points)
Replied 03 April 2016
ketan
(Small Business)
(74 Points)
Replied 07 April 2016
I AM LIVING WITH MY FATHER IN HIS HOUSE AND PAY RS.2500 PER MONTH AS RENT. AND RECEIVED RENT FORM MY OWN HOUSE WHICH GIVES ON RENT RS.3500 PER MONTH. I FILE MY IR TETURN UNDER 44AD. I TAKE MY HOUSE RENT INCOME UNDER HP. CAN I CLAIM PAID RENT TO MY FATHER ? IF I MAKE P&L AND B/S FOR MY PURPOSE CAN I TAKE EXPENSE OF ELECTRICITY BILL / GAS BILL / FLAT MAINTANCE / ETC ? AND CAN TAKE MY OWN HOUSE AS ASSET ?
Ruchi
(CA)
(1410 Points)
Replied 07 April 2016
The answer to both the questions is negative. Neither you can claim deduction of rent paid to your father from the rent received by you Nor you can show it as business income as income from such property is always chargeable under HP head only.
ashish
(article)
(151 Points)
Replied 09 April 2016
"Live Course on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
